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USDC issuer Circle unveiled an upgrade to its cross-chain transfer protocol, slashing cross-chain settlement time from around 13-19 minutes to seconds.
The new CCTP V2 was only introduced on Ethereum, Avalanche, and Base; however, more chain integrations are likely to occur in 2025.
The future of cross-chain is here with CCTP V2!
Now available on @avax, @base, and @ethereum. Support for @LineaBuild, @arbitrum, and @solana is coming soon, with more blockchain expansions expected this year.
Fast Transfer: cross-chain USDC settlement in seconds
Hooks:… pic.twitter.com/eK9InRuv6W
— Circle (@circle) March 11, 2025
CCTP V2 provides users with new features, including fast transfer and hooks
Nikhil Chandhok, Circle’s chief product officer, commented, “CCTP V2 reduces the barriers that have hindered the fluid movement of digital dollars between supported blockchains.”
He added that the new protocol upgrade also provides developers with even more flexibility to customize their cross-chain transaction needs.
He further stated that it also facilitates low-latency applications in crypto capital markets and allows developers and users to abstract cross-chain complexities.
In its official press release and on X, Circle argued that the new upgrade enables fast transfer, eliminating USDC settlement time from approximately 13 to 19 minutes to seconds.
With the USD-pegged stablecoin market expected to continue expanding, enhancing transaction speed could give Circle a competitive edge as rivalry intensifies in the coming months and years. Of the approximately $235 billion in USD stablecoins currently in circulation, Circle’s USDC holds a $58 billion share. However, USDC ranks a distant second to Tether’s USDT, the dominant market leader.
The CCTP V2 also features Hooks, which allows developers to automate activities such as asset swaps or treasury management on the destination blockchain, enabling efficiency for decentralized finance (DeFi) applications. Circle further stressed that the new upgrade has no trust assumptions and is not dependent on liquidity pools or fillers. It features a 1:1 burn-mint ratio.
X users have congratulated the platform on its update, with one user actually saying the CCTP V2 appears to be a “solid upgrade,” hoping it would make cross-chain transactions easier.
Circle will launch the new protocol upgrade to other networks later in the year
According to Circle, the CCTP protocol has handled over $36 billion in transaction volume since its debut in 2023. The protocol was initially built to transfer digital assets across blockchains without depending on traditional liquidity pools and third-party liquidity providers.
As of now, the new protocol is only supported on Avalanche, Base, and Ethereum networks, but Circle states it will support additional networks later this year. Moreover, the previous protocol, CCTP V1, will remain operational on 11 chains.
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