The tool, powered by Base, also lets users leverage their digital assets to send USDC throughout the Ethereum ecosystem.
Moonwell, a decentralized lending and borrowing protocol, enabled cross-chain lending of Circle's USDC stablecoin to Moonwell from Ethereum networks with a tool called USDC Anywhere.
Moonwell can detect USDC in user wallets on Arbitrum, Avalanche, Base, Ethereum, Optimism and Polygon, employing Circle's cross-chain protocol to transfer the stablecoin onto the platform. The move forgoes the need to manually bridge the assets and allows users to send USDC throughout the Ethereum ecosystem by leveraging their digital assets on Moonwell, according to a company release.
Moonwell's USDC Anywhere also uses the interoperability protocol Socket to handle a user's gas before their funds make it to the new network. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.
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