Circle Launches Upgraded Cross-Chain Transfer Protocol for USDC Transfers
Circle has launched CCTP V2, an upgraded Cross-Chain Transfer Protocol for USDC transfers across blockchains. Key features include:
- Transaction times reduced to seconds from 13-19 minutes on Ethereum and Layer 2 networks.
- Fast Transfer feature allows near-instant transfers between supported networks.
- Standard Transfer maintains blockchain's native settlement speed.
- Hooks enable developers to automate actions like asset swaps and treasury management, improving efficiency in DeFi applications.
- Currently live on Ethereum, Avalanche, and Base, with plans for more integrations later this year.
CCTP has processed over $36 billion in transactions since its introduction in 2023. Circle is the issuer of USDC, the second-largest stablecoin with a circulating supply of $58 billion, widely used in crypto trading, DeFi, and traditional finance settlements.