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, using Circle’s cross-chain protocol to transfer the stablecoin to the platform. This move eliminates the need to manually bridge assets and allows users to send USDC throughout the Ethereum ecosystem by using their digital assets on Moonwell, a company said. Edition.
Coinbase’s Etheruem Layer 2 Base is the backbone of USDC Anywhere.
“Base serves as the liquidity hub for this function, combining the robust security of the Ethereum mainnet with the affordability and flexibility of modern Layer 2 solutions,” Moonwell wrote in the statement. “Coinbase has also made it easy to acquire USDC on their central exchange, offering free transfers to and from Base and free conversions to USD.”
Moonwell’s USDC Anywhere also uses the Socket interoperability protocol to process a user’s gas before their funds reach the new network.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
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