Circle Migrates USDC CCTP to Plasma Network by December 1
Circle has announced that its USDC cross-chain transfer protocol (CCTP) will be moving to a new network, Plasma. This change is expected to bring several benefits to users, including faster and more efficient transactions.
The company has given developers 95 days' notice before the V1 contracts of CCTP are shut down. This means that from October onwards, burn limits on USDC will begin to decrease, eventually leading to the complete shutdown of V1 contracts by December 1.
Circle's move to Plasma is part of its efforts to improve the overall stability and security of its stablecoins, including USDC, EURC, and CCTP. The new network promises faster transaction speeds and lower fees for users, making it an attractive option for those looking to transfer funds across different blockchain platforms.