Circle has launched on Tuesday the improved version of its cross -chain transfer protocol (CCTP V2), a tool that facilitates USDC transfers through blockchains. The company said the update significantly reduces transaction times to seconds of the typical 13-19 minutes in Ethereum and its layer 2 networks.
CCTP, introduced in 2023, is designed to move digital assets through blockchains without depending on traditional liquidity groups and third -party liquidity suppliers. Since its debut, the protocol has managed more than $ 36 billion in volume of transactions, according to Circle.
The updated version offers a rapid transfer function, which allows almost moments between compatible networks, according to the press release. The standard transfer, which works at the native settlement rate of a blockchain, remains available.
Another new feature, called Hooks, allows developers to program automatic actions such as asset swaps or treasure administration in the receptor block chain. This reduces manual processing and improves efficiency for decentralized finance applications (DEFI).
The updated version was launched in Ethereum, Avalanche and Base, with more blockchain integrations planned at the end of this year, the firm said. Several platforms, including CCTP.money, Interport, Li.FI, Mayan, Socket and Wormhole have already integrated the protocol.
Circle is the USDC issuer, the second largest in Stablecoin in the cryptographic market with a circulating supply of $ 58 billion. Aimed at the US dollar, the USDC is popular in cryptographic trade, it defines and is increasingly used as payments, remittances and assets of real world assets among traditional financial companies.
