Circle cuts cross-chain USDC settlement to seconds with CCTP v2

Circle introduced an upgrade of its cross -transfer protocol, allowing the regulations of USDC transactions in a few seconds.

Developers can now draw on the new version of the cross -transfer protocol for USDC (USDC) transfers that will settle in a few seconds, said Circle announcement.

Circle reaches the improved CCTP V2 via two key characteristics: rapid transfer and hooks.

The new fast transfer feature will reduce the 15 -minute USDC settlement times on Ethereum (Ethn) and layer 2 networks in a few seconds. CCTP V2 will offer this capacity, whatever the source blockchain of the transaction.

In addition to the faster colony than the finality, the function of V2 hooks also improves the composibility of intelligent contracts. This means that developers can automate post-transfert actions on the chain receiving the USDC transfer.

“Transversal flows are often riddled with additional hypotheses of confidence, delays in blocking blocks and liquidity fragmentation,” said Jonathan Lim, main product director at Circle.

“CCTP V2 mitigates these problems and opens the way to improving the liquidity of the transversal chain USDC, an improved cross -cross -cross -infrastructure and transversal infrastructure of institutional quality for the cryptographic capital markets.”

The upgrade to CCTP comes a few days after the circle added Support for Passkeys to its modular wallets, which, according to the company, would help unlock a better transaction experience for USDC users. Passkeys allows developers to activate the integration of easy users and offer secure USDC transactions. The key improvement lies in improved authentication flows, the company noted.

According to Circle, CCTP V2 will always support transverse transfer speeds for the USDC currently available via CCTP V1. This standard transfer time allows transactions to be settled according to the purpose of the given blockchain.

Supported networks and future extension

V2 launches with the initial support for avalanche, base and Ethereum networks. The company plans to extend the features to more channels. Meanwhile, Wormhole, Mayan, Interport and Socket are among the main applications, bridges and infrastructure platforms that have already integrated CCTP V2.

Circle introduced its cross -transfer protocol in April 2023, and it has since been adopted through the ecosystem. The integration between the main Blockchain networks and protocols has contributed to its growth.