Circle launches Gateway for USDC transfers across seven blockchains

Stablecoin issuer Circle has launched Gateway, enabling instant USDC transfers across seven major blockchains.

Circle has made a significant step in USDC usability. On Tuesday, August 19, Circle launched Gateway on mainnet, connected to seven major blockchains. The platform unifies USDC balances across Arbitrum, Avalanche, Base, Ethereum, OP Mainnet, Polygon PoS, and Unichain on launch day. Circle announced expansions on other chains, with Arc next in line.

Currently, stablecoin liquidity is fragmented across several blockchains. For this reason, exchanges require more capital to operate, and managing their treasuries is complicated. Moreover, rebalancing creates delays and higher costs.

Gateway provides a unified USDC balance across several chains, using a mix of smart contracts and off-chain attestation. According to Circle, cross-chain transfers happen in less than 500 ms, providing a single-chain experience.

Moreover, assets in the Gateway Wallet are self-custodial, remaining under user control. Specifically, assets cannot be burned or minted without user authorization. Additionally, users can initiate a trustless withdrawal even if the Gateway API is unavailable.

Circle riding on growing stablecoin demand

Users have to deposit USDC into a Gateway Wallet contract on any chain. As soon as they do, balances update on all chains. To transfer funds, the Gateway Minter mints USDC on the destination chain while burning on the source chain.

Circle is riding the wave of growing stablecoin adoption. According to the company’s Q2 reports, the company earned $658 million in revenue, up 53% from the previous year. The main reason for this rise was an 86% in USDC circulation, driven by demand for stablecoins.