Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong.
Moving USDC Across Multiple Blockchains
Want to move USDC across blockchains? Multichain has arrived at CoinJar. Now you can do different things with your fave cryptos.
In this article...
- The blockchain ecosystem is fragmented
- Transferring USDC to a chain with competitive fees can significantly reduce transaction costs.
- Here is the info you need.
Ever wondered how to move USDC across blockchains? Well, multichain has arrived at , which means you can do different things with your fave cryptos.
is one of the stablecoins. The ability to move it seamlessly across different blockchains means that you can choose competitive pricing , efficiency, and protected blockchains to do transactions.
Here, we explain how to transfer USDC between various blockchains.
Understanding the importance of cross-chain USDC transfers
The blockchain ecosystem is fragmented, with different blockchains offering unique advantages and limitations. The ability to move USDC across chains has some advantages for users.
Expanding opportunities across blockchain ecosystems
Each blockchain supports a distinct ecosystem, with different opportunities in Decentralised Finance (DeFi). There are also opportunities beyond DeFi.
Moving USDC between chains allows users to tap into platforms offering Real-World Assets (RWAs), Non-Fungible Tokens (NFTs), blockchain-based gaming, and other emerging use cases.
By moving USDC across multiple blockchains, users can access a wider range of opportunities in DeFi, and beyond, and participate in the rapidly evolving blockchain ecosystem.
Optimise transaction fees
Different blockchains have varying fee structures. Transferring USDC to a chain with competitive fees can significantly reduce transaction costs.
Efficiency and network status
The choice of blockchain also influences transaction speed and network reliability. For instance, Solana is known for its efficient transaction speeds but can experience outages during periods of high activity.
In contrast, Ethereum, while inefficient, offers greater reliability and uptime. Understanding these trade-offs is crucial when selecting the appropriate blockchain for your needs and managing expectations around transaction confirmation times.
Key Points to Consider:
Solana: Efficient transactions, potential for network congestion and temporary outages.
Ethereum: Inefficient transaction speeds, generally more reliable with consistent uptime.
By weighing these factors alongside ecosystem opportunities, you can make informed decisions when moving USDC across different blockchains.
Enhance protection
Spreading USDC across multiple blockchains can mitigate risks associated with a single chain's potential vulnerabilities.
CoinJar: A gateway to seamless USDC transfers
Here's how to use CoinJar for cross-chain USDC transfers.
-If you're new to CoinJar, sign up for an account and complete the verification process. UK residents are required (in accordance with local legislation) to complete an assessment and to wait 24-hours (see below).
-Purchase USDC directly on CoinJar or deposit it from an external wallet to your CoinJar account.
-Within your CoinJar account, go to the 'Send' section.
-Choose USDC as the cryptocurrency you want to transfer and select the desired destination blockchain from the available options.
-Input the recipient's wallet address on the destination blockchain. Double-check the address to avoid any errors.
-Carefully review the transaction details, including the amount of USDC, network fees, and the destination address. Once confirmed, initiate the transfer.
-If you are not confident, transfer a small amount first to make sure it gets to its destination.
Things to note in cross-chain USDC transfers
-Each blockchain has its own network fees, which can vary depending on network congestion. Factor in these fees when planning your transfers.
-Transfer times can also vary between blockchains. Some chains offer near-instant transfers, while others may take several minutes or longer.
-Ensure that the destination blockchain and wallet support USDC transfers.
-Use strong passwords and enable two-factor authentication to protect your CoinJar account and assets.
How to move USDC from CoinJar to a Solana Wallet
With CoinJar's new multichain functionality, moving USDC using Solana becomes much more direct.
-Within CoinJar, navigate to your wallet or the section for depositing/withdrawing assets.
-Look for an option to select the network or blockchain. Choose Solana from the list.
-CoinJar will provide you with a Solana USDC address. This is where you'll send your USDC to.
-Initiate a withdrawal of USDC from CoinJar.
-Paste the Solana USDC address you generated in the previous step into the withdrawal destination field.
-Double-check the address and network to ensure accuracy.
-Complete the withdrawal process.
-Once the withdrawal is processed by CoinJar, you should see the USDC appear in your Solana wallet.
-The transaction time will depend on Solana network congestion, but it's typically very efficient.
-You'll need a Solana-compatible wallet (like or ) set up and ready to receive the USDC.
Conclusion: Moving USDC across multiple blockchains
Moving USDC across multiple blockchains is a useful tool for cryptocurrency enthusiasts. CoinJar's multichain platform makes cross-chain USDC transfers accessible to users of all levels.
Customers of CoinJar can now access multiple opportunities in the DeFi space. They can optimise transaction costs, and boost the protection of their digital assets.
Frequently asked questions
What is "native USDC" and how is it different from "bridged USDC"?
Native USDC refers to USDC that exists directly on a specific blockchain. Bridged USDC represents USDC that has been moved from its original blockchain to another using a bridge mechanism.
How do crypto exchanges facilitate the movement of USDC between blockchains?
Crypto exchanges utilise a "burn and mint" process. This involves burning (destroying) USDC on the source chain and minting (creating) an equivalent amount of USDC on the destination chain.
What role do smart contracts play in this process?
Smart contracts automatically execute the burn and mint process, ensuring a protected and trustless transfer of USDC.
What is the significance of the "burn event"?
The burn event on the source chain is crucial as it permanently removes USDC from circulation, guaranteeing that the newly minted USDC on the destination chain doesn't inflate the overall supply.
In multichain USDC transfers, the "burn on the source" event ensures that the original USDC is destroyed, preventing double-spending and maintaining the integrity of the token's supply across different blockchains.
How do exchanges ensure there's enough USDC on the destination chain for the minting process?
They maintain liquidity pools of USDC on various blockchains, ensuring sufficient USDC is available for minting when users transfer their tokens.
What is CCTP and how does it enhance the user experience?
CCTP is also known as Cross-Chain Transfer Protocol. CCTP enables more efficient USDC transfers between blockchains, improving the overall user experience.
Suggested Articles
What is Bitcoin (BTC)? What is "Digital Gold" Used For?
What is Bitcoin? It is a digital currency that can be traded, exchanged, and used as a form of payment independent of central banks and governments.
What is Ethereum? What is ETH Used For?
Ethereum is a decentralised blockchain-based open-source software platform that allows for the development of decentralised applications (dApps).
What Is Crypto? How do Cryptocurrencies Work?
Crypto has become incredibly popular. But how does this digital currency work? And are there cryptos other than Bitcoin?Browse by topic
Your information is handled in accordance with CoinJar’s .
Cryptoassets traded on CoinJar UK Limited are largely unregulated in the UK, and you are unable to access the Financial Service Compensation Scheme or the Financial Ombudsman Service. We use third party banking, safekeeping and payment providers, and the failure of any of these providers could also lead to a loss of your assets. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets. Capital Gains Tax may be payable on profits. CoinJar’s digital currency exchange services are operated in the UK by CoinJar UK Limited (company number 8905988), registered by the Financial Conduct Authority as a Cryptoasset Exchange Provider and Custodian Wallet Provider in the United Kingdom under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (Firm Reference No. 928767).
Apple Pay and Apple Watch are trademarks of Apple Inc. Google Pay is a trademark of Google LLC.
This site is protected by reCAPTCHA and the and apply.
