Circle has launched the upgraded version of its Cross-Chain Transfer Protocol (CCTP V2) on Tuesday, which significantly streamlines USDC transfers across different blockchains. This new upgrade reduces transaction times to mere seconds compared to the typical 13 to 19 minutes required on Ethereum and its Layer 2 networks.

Key Features:

• The updated protocol includes a Fast Transfer feature for near-instant transactions.
• It also introduces Hooks for automatic functions such as asset swaps or treasury management on the receiving blockchain.
• CCTP V2 is currently operational on Ethereum, Avalanche, and Base, with plans for more integrations in the future.
• Several platforms, including CCTP.Money, Interport, and LI.FI, have already integrated this new protocol.

Since its initial launch in 2023, when it first allowed seamless digital asset transfers between blockchains, CCTP has processed over $36 billion in transaction volumes. Circle, the firm behind USDC, has affirmed its position in the crypto market with a current circulating supply of $58 billion. USDC is widely used in various financial applications, including trading, decentralized finance (DeFi), and payments.