Circle Cross-Chain Transfer Protoc upgrades that promise faster USDC Stablecoin Settlements
Circle launched on Tuesday the upgraded version of Cross-chain Transfer Protocol (CCTP V2), a tool that facilitated USDC Moving to whole blockchains. The company said the upgrade significantly cut off transaction hours up to seconds from the average 13-19 minutes to Ethereum and its layer 2 networks.
CCTP, introduced In 2023, it was designed to move digital assets throughout the blockchain without relying on traditional pools and third-party liquidity providers. Since its debut, the protocol has held more than $ 36 billion in transaction volume, according to the Circle.
The upgraded version offers a fast transfer feature, which allows close-instant shifts between supported networks, the press release said. The usual transition, which operates at the speed of a blockchain, remains available.
Another new feature, called hooks, gives developers to program automatic actions such as asset swaps or Treasury management on receiving blockchain. It reduces manu -processing and enhances efficiency for decentralized applications (DEFI).
The upgrade version has been live in Ethereum, Avalanche and Base, with more blockchain integration planned this year, the company said. There are many platforms, including CCTP.Money, Interport, Li.Fi, Mayan, socket and wormhole that include protocol.
The Circle is the USDC provided, the second largest stablecoin in the crypto market with a surrounding supply of $ 58 billion. Pegged in the US dollar, the USDC is popular with crypto trading, defi and increasingly used as payments, remittances and real-world asset settlements to traditional financial companies.
