The world’s second-largest stablecoin USDC and ERC-20 IAG tokens can now be bridged from Ethereum to the Cardano network through Iagon’s cross-chain bridge powered by the Milkomeda sidechain.
See related article: Wormhole to bridge Polkadot, Kusama to Ethereum, Solana
Fast facts
- A cross-chain bridge allows for crypto assets of one blockchain to be converted for use on another ecosystem.
- USDC’s inclusion to Cardano further strengthens its decentralized finance (DeFi) ecosystem, which has collected US$119 million in total value locked (TVL) since the blockchain upgraded for smart contracts in September’s Alonzo hard fork.
- Cardano users are hoping to get their own native stablecoin in the form of yet-to-be-launched algorithmic coin Djed.
- Iagon plans to add support for additional ERC-20 tokens in the future.
- The Cardano network is setting up for the scalability-focused Vasil hard fork public testnet scheduled for early June.
- Cardano’s native token, ADA, gained up to 5% overnight in Asia to trade at US$0.4834, while Ethereum gained up to 2% overnight to trade at US$1,805 at press time.
See related article: Blockchain bridges have failed spectacularly. Can the faith and trust in them be restored?
