Circle has launched an upgraded version of its Cross-Chain Transfer Protocol (CCTP V2), which now allows for USDC transfers across blockchains in seconds, a dramatic reduction from the previous 13-19 minutes. Since its introduction in 2023, CCTP has facilitated over $36 billion in transactions. The new version includes a Fast Transfer feature for near-instant transfers and a Standard Transfer option that operates at the blockchain’s native speed. Additionally, a new feature called Hooks enables developers to automate actions like asset swaps or treasury management, enhancing efficiency in DeFi applications. The protocol is now live on Ethereum, Avalanche, and Base, with plans for further blockchain integrations. Circle, the issuer of USDC, reports a circulating supply of $58 billion for the stablecoin, which is the second largest in the crypto market.
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