- Mountain Protocol has built-in Chainlink’s cross-chain transfers expertise.
- The cross-chain interoperability protocol, CCIP, will assist USDM customers switch yield-bearing stablecoin throughout Ethereum, Base and different chains.
Mountain Protocol has introduced that it’s going to faucet into oracle community Chainlink’s expertise for cross-chain transfers of its yield-bearing stablecoin USDM.
The USDM token is totally backed by US Treasuries.
Mountain Protocol integrates CCIP
In keeping with a weblog publish, the combination includes Chainlink’s cross-chain interoperability protocol (CCIP).
Mountain Protocol will leverage the usual for cross-chain transfers of its stablecoin USDM throughout Ethereum, Optimism, Arbitrum, Base, and Polygon PoS. Customers can use the Chainlink-powered XSwap bridge for these transfers.
Mountain Protocol launches USDM cross-chain native bridging with @chainlink‘s CCIP, simplifying transfers and unifying liquidity throughout a number of blockchains whereas guaranteeing safety.
Now you can transfer your USDM throughout chains through https://t.co/KBqYH5C2dx or through @xswap_link‘s app.… pic.twitter.com/X1Kx0ctp6k
— Mountain Protocol (@MountainUSDM) October 17, 2024
It’s the most recent CCIP integration by a blockchain protocol, with customers benefitting from simplified transfers, unified liquidity and safety.
Utilizing CCIP for USDM transfers works by burning tokens on originating blockchain and minting new ones on the vacation spot chain. This ensures provide consistency and transaction integrity, with customers in a position to faucet into the stablecoin for decentralised finance actions on any of the supported chains.
Chainlink’s CCIP is essential within the rising tokenized real-world belongings market. At the moment whole RWA on-chain is over $13 billion, based on rwa.xyz. In the meantime, the stablecoin market is round $171 billion, with USDM round $55.5 million per rwa.xyz.
The cross-chain interoperability protocol, alongside different companies corresponding to Proof of Reserve, Information Streams and Information Feeds are serving to carry DeFi to extra folks by way of tokenized RWAs.
Apart from token transfers and DeFi, Chainlink’s CCIP has use circumstances throughout gaming, web3 usernames and liquidation safety.
