- Mountain Protocol has built-in Chainlink's cross-chain switch know-how.
- The Cross-Chain Interoperability Protocol, CCIP, will assist USDM customers switch yield-bearing stablecoins between Ethereum, Base, and different chains.
Mountain Protocol has introduced that it’ll leverage Oracle Chainlink community know-how for cross-chain transfers of its yield-bearing USDM stablecoin.
The USDM token is absolutely backed by US Treasuries.
Mountain Protocol integrates CCIP
In line with a weblog publish, the combination entails Chainlink's Cross-Chain Interoperability Protocol (CCIP).
Mountain Protocol will leverage the usual for cross-chain transfers of its stablecoin USDM on Ethereum, Optimism, Arbitrum, Base and Polygon PoS. Customers can use the Chainlink-powered XSwap bridge for these transfers.
Mountain Protocol Launches Native USDM Cross-Chain Bridging With @chainlinkCCIP, simplifying transfers and unifying liquidity throughout a number of blockchains whereas guaranteeing safety.
Now you can transfer your USDM between chains by way of https://t.co/KBqYH5C2dx or by way of @xswap_linkThe app.… pic.twitter.com/X1Kx0ctp6k
– Mountain Protocol (@MountainUSDM) October 17, 2024
That is the most recent CCIP integration by a blockchain protocol, with customers benefiting from simplified transfers, unified liquidity and safety.
Utilizing CCIP for USDM transfers works by burning tokens on the originating blockchain and creating new ones on the vacation spot chain. This ensures consistency of provide and integrity of transactions, with customers capable of mine the stablecoin for decentralized monetary actions on any of the supported chains.
Chainlink's CCIP is crucial within the rising marketplace for real-world tokenized belongings. At present, whole on-chain RWA exceeds $13 billion, in accordance with rwa.xyz. In the meantime, the stablecoin market is value round $171 billion, with USDM of round $55.5 million per rwa.xyz.
The Cross-Chain Interoperability Protocol, together with different providers reminiscent of proof of reserve, knowledge feeds, and knowledge feeds, assist make DeFi accessible to extra individuals via tokenized RWAs.
Along with token transfers and DeFi, Chainlink's CCIP gives use instances in gaming, Web3 usernames, and liquidation safety.
