Moonwell, a decentralized lending and borrowing protocol, used a tool called USDC Anywhere to enable cross-chain lending of Circle’s USDC stablecoin from the Ethereum network to Moonwell.
Moonwell can detect USDC in user wallets on Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon, and can transfer stablecoins to the platform using Circle’s cross-chain protocol. According to a company announcement, this move eliminates the need to manually link assets and allows users to leverage Moonwell’s digital assets to send USDC across the Ethereum ecosystem.
Coinbase’s Etheruem Layer 2 Base is the backbone of USDC Anywhere.
“Base serves as the liquidity hub for this feature, combining the robust security of the Ethereum mainnet with the economics and agility of modern layer 2 solutions,” Moonwell said in a statement. “Coinbase also makes it easy to acquire USDC from central exchanges, offering free transfers to and from Base and free conversion to USD.”
Moonwell’s USDC Anywhere also uses Socket, an interoperability protocol, to process users’ gas before the funds reach new networks.
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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 publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.