Circle Speeds Up USDC Cross-Chain Transfers to Seconds
Date: 2025-03-13 Author: Henry Casey Categories: BUSINESS
Circle has introduced a new version of the Cross-Chain Transfer Protocol (CCTP V2), which significantly speeds up USDC cross-chain transfers. Now, transaction processing time has been reduced from 13-19 minutes to a few seconds.
According to Circle’s Chief Product Officer Nikhil Chandhok, the improved protocol greatly simplifies cross-chain transfers, making them more convenient for use in low-latency scenarios, such as cryptocurrency markets.
CCTP V2 is an updated version with an expanded set of APIs and improved smart contracts, allowing for faster asset movement between Ethereum and L2 networks. The first version of the protocol will continue to work on 11 blockchains, with more networks planned for the new version to be supported throughout the year.
One of the key innovations of CCTP V2 is the Hooks mechanism, which allows developers to automate processes after the transfer to the target blockchain is completed.
According to CoinGecko, USDC remains the second most popular stablecoin with a market cap of $58 billion. The segment leader is still USDT from Tether, whose figure is $142.9 billion.
Since the launch of CCTP in 2023, the volume of processed transactions has exceeded $36 billion. In addition, in 2024, the turnover of the Circle-supported asset increased by 78%, and the total volume of transactions with USDC since its inception exceeded $20 trillion.
