Moonwell Enables USDC Lending Across the Ethereum Network

TL;DR

• DeFi lending protocol Moonwell now allows users to lend USDC stablecoin across the Ethereum network.

• The tool makes it easier for users to leverage their digital assets to send USDC within the Ethereum ecosystem.

Moonwell Launches the USDC Anywhere Tool

Moonwell, a decentralized lending and borrowing protocol, has launched the USDC Anywhere tool. This tool enables cross-chain lending of Circle's USDC stablecoin to Moonwell from Ethereum networks. 

The DeFi protocol can detect USDC in user wallets on Arbitrum, Avalanche, Base, Ethereum, Optimism and Polygon. It will then leverage Circle's cross-chain protocol to transfer the stablecoin onto the platform.

This latest development means that there would be no need for manually bridging the assets. The tool allows users to send USDC throughout the Ethereum ecosystem by leveraging their digital assets on Moonwell. The Moonwell team stated in their press release that,

“With USDC Anywhere, lending USDC to Moonwell from the top Ethereum networks is a breeze, allowing you to start building your tomorrow in a matter of minutes. And it doesn't stop there—borrowing USDC to explore the latest onchain apps, games, and NFT marketplaces on networks like Arbitrum, Optimism, Polygon, and Avalanche can now be done with a few simple clicks or taps. Welcome to a new era of onchain finance, where leveraging your USDC across the Ethereum ecosystem is easy, fast, and secure.”

Moonwell added that Coinbase’s Ethereum Layer 2 Base serves as the liquidity hub for this feature. "Coinbase has also made it easy to acquire USDC on their central exchange, offering free transfers to and from Base and free conversions to USD," the Moonwell team added. 

Furthermore, the tool also leverages the interoperability protocol Socket to handle gas fees before the funds are transferred to the new network.