Circle on Tuesday launched the upgraded version of its cross chain transfer protocol (CCTP V2), a tool that facilitates USDC transfers over blockchains. The company said that the upgrade significantly cuts transaction times to seconds from the typical 13-19 minutes at Ethereum and its LAG 2 network.
CCTP, introduced in 2023, is designed to move digital assets across blockchains without relying on traditional liquidity pools and third -party liquidity providers. Since the debut, the protocol has handled over $ 36 billion in transaction volume according to Circle.
The upgraded version offers a fast transfer feature that enables over-instant transfers between supported networks, the press release said. Standard transfer that works at a blockchain’s original settlement speed remains available.
Another new feature, called Hooks, allows developers to program automatic actions such as asset exchange or Treasury management on the receiving blockchain. This reduces manual treatment and improves the effectiveness of decentralized funding use (DEFI).
The upgraded version went live at Ethereum, Avalanche and Base, with several blockchain integrations planned later in the year, the company said. Several platforms, including CCTP.Money, Interport, Li.Fi, Maya, Socket and Wormhole, already integrated the protocol.
Circle is the issuer of USDC, the second largest stableecoin in the crypto market with a circulating supply of $ 58 billion. USDC is tied to the US dollar and is popular in crypto trading, defi and increasingly used as payments, transfers and assets in the real world among traditional financing companies.
