The product is based on the company's technology, CCTP, which was launched in April 2023. It facilitates the transfer of hundreds of millions of stablecoins daily. The USDC Bridge will have a built-in mechanism for burning and reissuing coins without complex bridge connections. Thus, Circle has eliminated the need for wrapped and synthetic versions of USDC. The USDC Bridge supports USDC transfers between at least 17 blockchains that are compatible with the Ethereum Virtual Machine. These include Ethereum itself, Avalanche, Arbitrum, Base, Monad, Optimism, Polygon, Sonic, World Network, and others. Meanwhile, CCTP supports a wider range of blockchains, including Solana, Sui, and Aptos, which are not initially compatible with EVM. USDC, with a market capitalization of $78.2 billion, holds 24.2% of the stablecoin market.