Binance, Other Crypto Players Abandon Multichain As Bridging Rumors Swirl

Like most bridges, MultiChain 92 uses a mint-and-lock mechanism to transfer assets between the blockchains it interacts with. For example, if a holder of the USDC stablecoin bridges assets from Ethereum to Phantom via Multichain, the token is locked in a smart contract on Ethereum and then issued anew on Phantom – in this case In the U.S., as a “wrapped” token called AnyUSDC.