Like most bridges, Multichain uses a mint-and-lock mechanism to move assets between the 92 blockchains it interacts with. For example, if a holder of USDC stablecoin bridges the asset from Ethereum to Fantom via Multichain, the token gets locked up in a smart contract on Ethereum and then issued anew on Fantom – in this case, as a “wrapped” token called anyUSDC.
Source: https://www.coindesk.com/business/2023/05/26/binance-other-crypto-players-shun-multichain-as-bridging-rumors-swirl/?utm_medium=referral&utm_source=rss&utm_campaign=headlines