Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is the industry standard for digital asset and data transfer used by leading blockchains, layer-2s, DeFi protocols, and traditional financial institutions to unlock new use cases and markets for crypto, stablecoins, and tokenized assets.
Today, BOB (Build on Bitcoin), a hybrid layer-2 designed to unlock Bitcoin DeFi (BTCFi), initiated an upgrade to CCIP for cross-chain transfers of Circle’s widely used USD-pegged stablecoin, USDC. The upgrade is slated to accelerate stablecoin adoption and future-proof stablecoin liquidity on the BOB network.
BOB’s unique layer-2 brings Ethereum’s DeFi innovation and versatility to the BTC ecosystem with the goal of positioning Bitcoin as the backbone of DeFi and unlocking trillions of dollars in BTC liquidity. BOB uses Babylon Bitcoin staking and BitVM to create trust-minimized bridges to Bitcoin, Ethereum, and other layer-1s.
In January, BOB adopted CCIP as canonical cross-chain infrastructure for tokens native to the BOB network. CCIP leverages Chainlink’s battle-tested decentralized oracle network, which has enabled over $21 trillion in transaction value, to achieve the highest level of cross-chain security backed by a separate Risk Management Network. Developers on supported blockchains can use the Cross-Chain Token (CCT) standard to turn any ERC-20-compatible token into a CCT.
Following an anticipated 24-hour migration process from the deprecated legacy BOB USDC Bridge, CCIP will simplify and accelerate cross-chain activity for projects and liquidity providers using bridged USDC, while streamlining future moves to natively minted USDC.
To learn more about BOB, visit their website, X, Telegram, and Discord.