Chainlink CCIP adapts to general availability
SOLANA WHALES ARE BUYING MEGA DICE PRESALE!
NEW SOL GAMBLE-FI TOKEN RAISES $300,000+
BUY $DICE
Skip to content
crypto.news
tr
Search
Search
search
Close search
btc
Bitcoin (BTC)
$64,082.00
-3.57%
Bitcoin price
eth
Ethereum (ETH)
$3,141.25
-3.44%
Ethereum price
bnb
BNB (BNB)
$611.79
0.21%
BNB price
sol
Solana (SOL)
$146.91
-6.66%
Solana price
xrp
XRP (XRP)
$0.53
-3.7%
XRP price
shib
Shiba Inu (SHIB)
$0.0000250
-7.3%
Shiba Inu price
pepe
Pepe (PEPE)
$0.0000074
-6.53%
Pepe price
bonk
Bonk (BONK)
$0.0000247
-8.32%
Bonk price
btc
Bitcoin (BTC)
$64,082.00
-3.57%
Bitcoin price
eth
Ethereum (ETH)
$3,141.25
-3.44%
Ethereum price
bnb
BNB (BNB)
$611.79
0.21%
BNB price
sol
Solana (SOL)
$146.91
-6.66%
Solana price
xrp
XRP (XRP)
$0.53
-3.7%
XRP price
shib
Shiba Inu (SHIB)
$0.0000250
-7.3%
Shiba Inu price
pepe
Pepe (PEPE)
$0.0000074
-6.53%
Pepe price
bonk
Bonk (BONK)
$0.0000247
-8.32%
Bonk price
SirWin
Chainlink CCIP adapts to general availability
chainlink-ccip-adapts-to-general-availability
By Bralon Hill
April 24, 2024 at 8:36 pm
chainlink-ccip-adapts-to-general-availability
Edited by Brian Stone
NEWS
Chainlink CCIP adapts to general availability
Collect the article
share
Chainlink’s Cross-Chain Interoperability Protocol has transitioned into general availability, marking a step forward in enhancing cross-chain connectivity.
The protocol enables developers to conduct cross-chain token transfers and smart contract messaging across diverse blockchain networks. Additionally, it allows for function calls on smart contracts deployed across different blockchains, enhancing cross-chain smart contract interoperability.
According to Sergey Nazarov, co-founder of Chainlink, the general availability of the Cross-Chain Interoperability Protocol’s (CCIP) mainnet will streamline developers’ implementation, thereby strengthening cross-chain connectivity.
“CCIP is now starting to become the standard for both capital markets blockchain transactions across banks, as well as the way that secure Web3 cross-chain value and data is moved across public chains,” Nazarov said.
The Five Levels of Cross-Chain Security | Sergey Nazarov at Sibos 2023
Cross-chain bridges play a crucial role in facilitating transactions between distinct blockchain networks and present significant vulnerability points in the crypto landscape. Chainlink (LINK) stands as one of the prominent entities addressing the issue of cross-chain interoperability, which remains a pressing challenge within the industry.
You might also like:
Capital inflows into spot Bitcoin ETFs total $31m
Recently, Chainlink introduced Transporter, a cross-chain messaging application that simplifies cross-chain crypto transfers through an intuitive user interface. Transporter utilizes CCIP, hailed as the sole cross-chain protocol to attain level-5 security, according to a representative from Chainlink.
CCIP operates on nine blockchains, including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Kroma, Optimism, Polygon, and WEMIX, with plans for further network integration. The protocol aims to assist financial institutions in leveraging the potential of tokenized assets, offering improved liquidity access for cross-chain assets.
According to the blog from Chainlink, CCIP is an integral component of the broader Chainlink platform, which allows financial institutions to access tokenized assets by addressing their requirements related to data management, cross-chain operations, regulatory compliance, and synchronization.
Read more:
Uniswap down 17% as whales sell off, Hedera & Chainlink rival on the rise
READ MORE ABOUT
ccip
chainlink
cross-chain
Follow Us on Google News
S&P: Stablecoin bill could improve U.S. participation, challenge Tether dominance
By Naga Avan-Nomayo
April 24, 2024 at 8:31 pm
Edited by Brian Stone
NEWS
S&P: Stablecoin bill could improve U.S. participation, challenge Tether dominance
Collect the article
share
According to an S&P report, a bipartisan stablecoin bill may give banks an advantage over other institutions and incentivize competition in the digital asset custody business.
If approved, the Lummis-Gillibrand Payment Stablecoin Act proposed on April 17 seems positioned to introduce regulatory clarity for the $157 billion-strong stablecoin market currently dominated by Tether (USDT).
Stablecoins are fiat-pegged cryptocurrencies that offer stability in an otherwise volatile financial market. Such assets are typically tied to sovereign currencies like the U.S. dollar, such as Circle’s USD Coin (USDC), serving as gateways to on-and-off ramp liquidity.
The bill would permit U.S. banks to issue fiat-pegged tokens with no threshold, but require service providers without a banking license to maintain a market cap under $10 billion.
According to Andrew O’Neil, Managing Director and Co-Chair of S&P Global’s Digital Assets Research Labs, the regulatory framework will give banks an edge over other market participants and incentivize blockchain adoption in the financial sector through asset tokenization and digital bond issuance.
O’Neil said on-chain payment rails offer real-time and efficient settlement, citing BlackRock Ethereum-based fund as an example.
“Investment group Blackrock’s BUIDL fund provides a recent use case. The tokenized fund, which uses the Ethereum blockchain and invests in U.S. treasuries, has a liquidity pool denominated in the USDC stablecoin, for which investors can redeem share tokens via a smart contract, instantaneously and 24/7.”
Andrew O’Neil, Managing Director and Co-Chair of S&P Global’s Digital Assets Research Labs
You might also like:
Circle facilitates USDC swap for BlackRock’s tokenized fund
Although the Lummis-Gillibrand bill will not impact existing U.S.-based products like PayPal USD, the framework does not authorize offshore entities like Tether. The terms could shake USDT’s presence in the market, but O’Neil noted that Tether’s activities and volume are predominantly out of the United States.
Additionally, decentralized stablecoins are not included in the regulations, so offerings like Maker’s DAI and Frax Finance’s FRAX fall out of the proposal’s purview. Policymakers likely prefer centralized systems like USDC as they mirror existing financial operations, O’Neil explained.
stablecoin
Finally, the S&P report predicted an influx of new providers in the digital asset custody industry, especially with an update to SEC rules which no longer require custodians to report crypto-assets on their balance sheet. crypto.news reached out to O’Neil and the S&P for further comment on the bill and its impacts.
“That policy not only differs from the general treatment of financial assets held in custody, which are generally off-balance sheet, but creates a capital requirement that likely discourages financial institutions from providing digital asset custody in the U.S. The new rules would remove that barrier and could lead to greater competition.”
Andrew O’Neil, Managing Director and Co-Chair of S&P Global’s Digital Assets Research Labs
Read more:
Coin Center says Senate-presented stablecoin bill poses risks to innovation and free speech
READ MORE ABOUT
crypto regulation
stablecoin
standards
follow us on social media
related news
Chainlink launches Transporter to facilitate secure cross-chain transfers
NEWS
Read more - Chainlink launches Transporter to facilitate secure cross-chain transfers
Chainlink launches Transporter to facilitate secure cross-chain transfers
2 weeks ago
AVAX surges 8% after token chosen as tokenized asset settlement by Australia’s bank
NEWS
Read more - AVAX surges 8% after token chosen as tokenized asset settlement by Australia’s bank
AVAX surges 8% after token chosen as tokenized asset settlement by Australia’s bank
March 25, 2024 at 11:55 am
Spanish telecom giant Telefonica taps Chainlink to secure API connections on Polygon
NEWS
Read more - Spanish telecom giant Telefonica taps Chainlink to secure API connections on Polygon
Spanish telecom giant Telefonica taps Chainlink to secure API connections on Polygon
February 15, 2024 at 12:11 pm
InQubeta
The 100x AI Crypto Token Over $600k Raised
InQubeta
sign up for daily crypto news in your inbox
Get crypto analysis, news and updates right to your inbox! Sign up here so you don't miss a single newsletter.
Email
Enter your email address
subscribe
© 2015-2024 crypto.news
