- Mountain Protocol has built-in Chainlink's cross-chain switch expertise.
- The Cross-Chain Interoperability Protocol, CCIP, will assist USDM customers switch revenue-bearing stablecoins throughout Ethereum, Base and different chains.
Mountain Protocol has introduced that it’ll use the Chainlink community expertise for cross-chain transfers of its USDM stablecoin with revenues.
The USDM token is absolutely backed by US authorities bonds.
Mountain Protocol integrates CCIP
In line with the weblog put up, the mixing is for Chainlink's cross-chain interoperability protocol (CCIP).
Mountain Protocol will use the usual for cross-chain transfers of its USDM stablecoins by way of Ethereum, Optimism, Arbitrum, Base and Polygon PoS. Customers can use XSwap bridge powered by Chainlink for these transfers.
Mountain Protocol permits USDM cross-chain native bridging @chainlinkCCIP, simplifies transfers and unifies liquidity throughout a number of blockchains whereas making certain safety.
Now you can transfer your USDM throughout chains by way of https://t.co/KBqYH5C2dx or by way of @xswap_linkapp's.… pic.twitter.com/X1Kx0ctp6k
— Mountain Protocol (@MountainUSDM) October 17, 2024
It’s the newest CCIP integration utilizing the blockchain protocol, with customers benefiting from simplified transfers, unified liquidity and safety.
Utilizing CCIP for USDM transfers works by burning tokens on the unique blockchain and minting new ones on the vacation spot chain. This ensures consistency of provide and integrity of transactions, whereas customers can use the stablecoin for decentralized monetary actions on any of the supported chains.
Chainlink's CCIP is pivotal within the rising real-world tokenized asset market. In line with rwa.xyz, the overall RWA on the chain is at the moment over $13 billion. In the meantime, the stablecoin market is round $171 billion, with USDM round $55.5 million per rwa.xyz.
The Interchain Interoperability Protocol together with different providers like Proof of Reserve, Information Streams and Information Feeds assist carry DeFi to extra individuals by way of tokenized RWAs.
Along with token transfers and DeFi, Chainlink CCIP has use circumstances in gaming, web3 usernames, and liquidation safety.
