Circle – the issuer of the second largest stablecoin by market cap, USDC – is preparing to launch a permissionless protocol for letting users transfer their stablecoins between blockchains. 

The company said the protocol can be embedded into dapps, and provide the most “capital efficient” path for cross-chain USDC transfers.

In a tweet on Monday, Circle CEO Jeremy Allaire said the Cross-Chain Transfer Protocol (CCTP) will “help foster more scalable, efficient, secure and user friendly apps built on USDC.”