Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
CCTP V2 enables nearly instant USDC transfers between blockchains with new feature, reducing blockchain transaction times from minutes to seconds.Circle has launched an upgraded version of its Cross-Chain Transfer Protocol , reducing transaction times to seconds from the typical 13-19 minutes on Ethereum and its Layer 2 networks, the firm said.
The new version includes a Fast Transfer feature for near-instant transfers and so-called Hooks for automatic actions such as asset swaps or treasury management on the receiving blockchain. The upgraded protocol is now live on Ethereum, Avalanche and Base, with more integrations planned later this year, and is already integrated on several platforms including CCTP.Money, Interport, and LI.FI.transfers across blockchains. The company said that the upgrade significantly cuts down transaction times to seconds from the typical 13-19 minutes on Ethereum and its Layer 2 networks.in 2023, is designed to move digital assets across blockchains without relying on traditional liquidity pools and third-party liquidity providers. Since its debut, the protocol has handled over $36 billion in transaction volume, according to Circle. The upgraded version offers a Fast Transfer feature, which enables near-instant transfers between supported networks, the press release said. Standard Transfer, which operates at a blockchain’s native settlement speed, remains available. Another new feature, called Hooks, allows developers to program automatic actions such as asset swaps or treasury management on the receiving blockchain. This reduces manual processing and enhances efficiency for decentralized finance applications. The upgraded version went live on Ethereum, Avalanche and Base, with more blockchain integrations planned later this year, the firm said. Several platforms, including CCTP.Money, Interport, LI.FI, Mayan, Socket and Wormhole already integrated the protocol. Circle is the issuer of USDC, the second largest stablecoin in the crypto market with a circulating supply of $58 billion. Pegged to the U.S. dollar, USDC is popular in crypto trading, DeFi and increasingly used as payments, remittances and real-world asset settlements among traditional finance firms.Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy here.
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