Circle has introduced an upgrade to its cross-chain transfer protocol, enabling the disposal of USDC transactions within seconds.
Developers can now tap in the new version of the cross-chain transfer protocol for USDC (USDC) transfer that will settle in seconds, Circle said Announcement,
The circle receives increased CCTP V2 through two major features: fast transfer and hook.
The new fast transfer feature will reduce the time of the USDC settlement by 15 minutes on the Etreum (Eth) and layer -2 network. The CCTP V2 will offer this capacity regardless of the source blockchain of the transaction.
In addition to rapid-to-financial disposal, V2’s hook feature also increases composibility for smart contracts. This means that developers can automate post-transfer activities on the series receiving USDC transfer.
Jonathan Lim, the leading excise manager of the circle, said, “Traditional cross-chain flow is often combined with additional trust beliefs, block finality delays and liquidity fragmentation.”
“CCTP V2 reduces these issues, and better cross-chain USDC liquidity for Crypto Capital Markets, enhanced cross-chain ux, and institutional-grade-chain better paves the way for infrastructure.”
CCTP upgrade comes a few days after the circle couple Support for Pasaki for its modular wallets, which the company said that USDC will help unlock a better transaction experience for users. Passkeys allow developers to enable easy users to competent and offer safe USDC transactions. The major improvement enhanced authentication contains in the flow, the firm noted.
According to Circle, CCTP V2 will still support cross-chain transfer speed for USDC available through CCTP V1. This allows the standard transfer time transaction to be arranged according to the last time of the blockchain given.
Supported network and future expansion
The V2 launches the avalanche, base and initial support for the atherium network. The company has planned to expand facilities in more chains. Meanwhile, Vermahol, Mayan, Intermediate and Socket are one of the top apps, bridges and infrastructure platforms, which have already integrated CCTP V2.
Circle launched its cross-chain transfer protocol in April 2023, and adopted it in the ecosystem. Integration in major blockchain networks and protocols has contributed to its development.
