Cashmere Labs

Cashmere Labs is a cross-chain stablecoin project that describes its core product as middleware for zero-slippage transfers of native assets between blockchains. Its broader stated aim is to build “Autonomous Monetary Infrastructure” that combines stablecoin mobility, automated yield, privacy-preserving settlement, and access to fiat payment networks. ^[1]​^[2]​

개요

Cashmere presents cross-chain fragmentation as a source of inefficient liquidity, manual treasury work, and disconnected compliance processes. Its documentation distinguishes between lock-and-mint bridges, which use wrapped assets backed by locked collateral; market-maker routes, which depend on prefunded liquidity and may introduce spreads; and manual message relays, which can require multiple transactions and human intervention. Cashmere’s white paper cites more than $2.5 billion in bridge losses since 2021 and argues that using stablecoin issuers’ burn-and-mint infrastructure avoids typical lock-and-mint risks.^[1]​^[2]​

The system principally uses Circle’s Cross-Chain Transfer Protocol (CCTP) and Tether’s USDT0. These issuer-backed systems burn native stablecoins on a source chain and mint them on a destination chain, rather than relying on a wrapped representation, a liquidity pool, a market maker, or an off-chain filler. Cashmere adds contracts, backend services, and relayers to coordinate the transfer and automate operations such as claims and destination routing.^[1]​^[3]​

Cashmere describes its transfer model as combining a burn, an attestation, and a destination mint. Its documentation also presents the wider system as coordinating transfers with yield allocation and settlement through smart contracts, relayers, and policy engines. The project characterizes these operations as deterministic and says policy engines can enforce configurable compliance checks.^[2]​

제품

Cashmere’s product framework has four pillars: Mobility, Autonomy, Privacy, and Access. Mobility covers native stablecoin transfers; Autonomy concerns agent-managed yield strategies; Privacy is intended to support private transfers with selective disclosure; and Access is intended to connect fiat payment networks with stablecoins across supported chains.^[3]​

• Cashmere Bridge: The project’s production product for native stablecoin transfers across EVM and non-EVM networks. It uses issuer-backed burn-and-mint flows and is designed to avoid wrapped assets, market-maker inventories, and transfer slippage.^[3][2]
• Cashmere Yield Agents: An autonomous strategy engine for allocating treasury balances among venues according to risk-adjusted annual percentage rates (APRs). The documentation names Morpho, Felix, and Hyperbeat as examples of venues and describes configurable risk and diversification policies as planned work. The product suite lists Yield Agents as being in closed testnet.^[3][2]
• Cashmere Privacy: Intended to use zero-knowledge proofs for privacy-preserving stablecoin transfers while allowing optional disclosure for auditors and institutional compliance workflows; the project also describes selective-disclosure APIs as planned.^[3][2]
• Cashmere Gate: is in development as a fiat-to-stablecoin and stablecoin-to-fiat on

• and off-ramp. Cashmere describes it as a single integration connecting fiat payment networks to stablecoins, with deployment planned across strategic geographies.^[3][2]

사용 사례

• Cross-Chain Liquidity: Aims to reduce liquidity fragmentation across blockchain networks through an omnichain transfer infrastructure based on issuer-backed messaging protocols, including Circle CCTP and Tether USDT0.
• Stablecoin Transfers: Facilitates direct burn-and-mint transfers to reduce reliance on intermediaries, prefunded liquidity, and market makers, aiming to minimize slippage and provide predictable settlement.
• Automated Yield Management: Uses autonomous Yield Agents to allocate idle stablecoin balances across integrated DeFi protocols, including Morpho, Felix, and Hyperbeat, based on risk-adjusted returns and predefined policies.
• Private Settlement: Plans to introduce a privacy layer using zero-knowledge proofs to enable confidential stablecoin transfers with optional disclosure mechanisms and auditability for regulated participants.
• Fiat and Cryptocurrency Transfers: Cashmere Gate connects payment providers and issuers through a unified interface to facilitate fiat-to-crypto and crypto-to-fiat transactions across EVM and non-EVM networks. ^[5]

기술 아키텍처

Cashmere’s on-chain layer consists of contracts deployed across Ethereum Virtual Machine (EVM), Move, and Anchor environments. The white paper describes a contract stack that includes TokenMessenger, MessageTransmitter, and UsdtOFT, which support source-chain burns, verifiable message hashes, and destination-chain minting. The documentation describes the same layer as handling burn, attestation, mint, and settlement logic.^[1]​^[3]​

For EVM chains, the white paper describes a unified CashmereCCTP.sol contract that abstracts token burning, relayer-fee collection, attestation tracking, and destination-call execution. Contracts are written in Solidity for EVM networks and Move for Aptos and Sui; the project also describes TypeScript interfaces for Solana. Its named client libraries and scripts include CashmereSend.ts and CashmereTransfer.move. ^[1]

The off-chain relayer is a Dockerized, multithreaded service written in Go. It monitors Cashmere contract logs for valid burn events, retrieves and verifies issuer attestations from services such as Circle’s attestation API, and submits destination-chain minting transactions. The white paper describes chain-specific listeners, attestation verification, transaction submission with nonce management, configurable fees, and gas-aware execution as parts of the relayer system.^{[1] [3]}

Transfer Mechanics and Fees

A Cashmere transfer begins with a user specifying a minimum amount to receive. The system calculates the minimum output as the deposit amount minus the relayer fee and a protocol fee expressed in basis points. The white paper says the protocol fee funds treasury expenses and that the minimum-output setting is intended to protect users against excessive fees, slippage, and maximal extractable value (MEV), including sandwiching and front-running.^[1]​

For relayer fees, Cashmere’s off-chain service provides an estimate of destination-chain execution costs plus a buffer. It returns the fee together with an expiry time and digital signature. The user submits these values to the source-chain contract, where EVM contracts verify the signature using ECDSA.recover() and other chains use equivalent verification. Invalid or expired fee data causes the transaction to revert. The paper says this approach makes the quoted fee payable upfront and avoids refunds, on-chain gas feeds, or Merkle-root posting, while allowing fees to adjust to destination gas prices.^[1]​

Cashmere characterizes the resulting transfer as having zero slippage apart from gas and protocol fees, with no intermediary swaps or market makers. Its documentation says the transfer design is intended to provide deterministic outputs and composability with smart contracts, cross-chain vaults, and omnichain payment flows.^[1]​^[2]​

Supported Networks

Cashmere’s documentation lists Ethereum, Arbitrum, Optimism, Base, Polygon, Avalanche, Solana, Sui, Aptos, Cosmos, Unichain, Linea, Worldchain, Sei, Sonic, HyperEVM, Monad, and Arc among its supported networks. The documentation describes the listed networks as live and cautions that its indicative gas costs and settlement times vary with network conditions.^[2]​

The documentation gives estimated settlement times of about 20 seconds on Ethereum mainnet and about 8 seconds on several layer-2 networks, with estimates of a few seconds for networks including Solana, Sui, Aptos, and Avalanche. The white paper likewise lists Ethereum mainnet at about 20 seconds, Ethereum layer-2 networks at about 8 seconds, and several other supported chains at a few seconds.^[2]​^[1]​