Circle, a leading global financial technology firm, has partnered with Monad Foundation to bring its $60 billion stablecoin USDC (USDC), cross-chain transfer protocol (CCTP v2), and Circle Wallets to the Monad mainnet upon its launch. Monad, a layer 1 (L1) blockchain with an ambition to parallelize execution in the Ethereum Virtual Machine, boasting 10,000 transactions per second, is presently in its testnet phase.
With this integration, Circle aims to contribute actively to the growth of Monad’s network. This will enable developers to utilize USDC’s deep liquidity and trusted settlement, assisting them in creating and deploying high-performance applications for decentralized finance (DeFi), gaming, and payment systems.
In addition, the upgrade to Circle’s cross-chain transfer protocol, CCTP v2, which was launched in March, will be available on the Monad mainnet. The updated version of CCTP v2 incorporates Fast Transfer and Hooks features, permitting speedy and composable USDC transfers. The latency for USDC settlements on Ethereum and across layer-2 networks has been significantly reduced to mere seconds, a feature described as “faster than finality”, which will be accessible to Monad users on mainnet at launch.
Furthermore, Circle’s support for Monad will extend to Circle Wallets. This service provides a flexible wallet integration solution for any decentralized application, enhancing the user experience and streamlining transactions.
Earlier this year, Monad launched its public testnet. The main objective of this phase is to provide developers and the user community with a secure and risk-free environment to test decentralized applications (dApps). This allows developers to introduce apps that the community can engage with, testing and providing feedback before the mainnet launch. One of the key features of the Monad project is its compatibility with Ethereum.
The Monad ecosystem encompasses a variety of applications, including the native DeFi hub Dirol, the decentralized AI network Fortytwo, and the prediction market Griffy. Griffy also provides a Tinder-style Telegram mini-app. Other applications include aPriori, a maximum extractable value infrastructure and liquid staking protocol, and Accountable, a platform offering crypto-based yields.
In conclusion, the collaboration between Circle and Monad is set to bring about significant advancements in the blockchain ecosystem, offering developers enhanced tools and services, facilitating the creation of high-performance applications, and ultimately enriching the user experience.
