2h ago
Circle Debuts Native USDC Bridge Covering 17+ Chains as CRCL Shares Extend Weekly Gains
Circle has launched USDC Bridge, a native cross-chain infrastructure aimed at moving USDC across more than 17 blockchains, as stablecoins take on a larger role in what industry executives describe as an "agentic" economy.
According to the report, the bridge supports networks including Ethereum (ETH), Arbitrum One (ARB), Avalanche (AVAX), Base, Sei Network, Polygon, Monad and Optimism, among others. Transfers use a burn-and-mint model with disclosed upfront fees, while destination gas is handled automatically to reduce friction for repeat transfers.
The rollout drew mixed reactions. Some users questioned the fee levels, with commentator Duo Nine asking, "Why are the fees so high? Is your CCTP bridge cheaper? What's this exactly?" Critics pointed to Circle's Cross-Chain Transfer Protocol (CCTP), which they say can be cheaper and offers zero fees on Solana, though the report noted that cross-chain transactions typically carry costs.
Circle Chief Strategy Officer Dante Disparte argued stablecoins are moving into a new phase, saying, "The next big frontier breakthrough for stablecoins is going to be agentic commerce and economic activity." In a separate development, Singapore Gulf Bank (SGB) introduced a 1:1 USD-to-USDC mint-and-redeem service on Solana, allowing businesses to convert USD to USDC directly from SGB accounts at no cost.
On usage metrics, Token Terminal data cited in the report showed USDC's monthly transfer volume on Ethereum reaching a new high of $1.8 trillion, reinforcing demand for stablecoins both as a payment rail and as a liquidity tool.
The report also contrasted Circle's approach with Tether's USDT. USDT does not have a single official dedicated bridge comparable to the newly launched USDC Bridge and instead relies on third-party protocols such as Wormhole. On disclosures, Tether said KPMG will conduct quarterly attestations, while Deloitte handles Circle's monthly attestations.
In market activity, 250 million USDC valued at $249.868 million was minted at the USDC Treasury as CRCL shares were poised to finish the week in positive territory. The report added that Circle minted another $500 million in USDC on Solana, a move expected to add liquidity to the broader crypto market.
CRCL stock ended the week higher, with the report pointing to a potential retest of the previously invalidated lower high near $100. Technical indicators cited were supportive, with MACD described as bullish and RSI moving above neutral, signaling continued buying interest. The stock's rebound comes after recent criticism of Circle related to its handling of funds reportedly stolen through CCTP.
Overall, the report framed the USDC Bridge launch as supportive for cross-chain stablecoin activity tied to the agentic economy, while acknowledging user preference for lower-cost or free options such as CCTP on Solana.