Circle reduces USDC cross-chain settlement time to several seconds through protocol update

PANews March 11th news, according to The Block, Circle, the issuer of the stablecoin USDC, announced a protocol update on Tuesday, saying it will shorten the cross-chain settlement time from a few minutes to a few seconds. The company's newly launched cross-chain transmission protocol V2 (CCTP V2) will improve on the basis of CCTP V1, adopting "a new set of smart contracts and APIs" to shorten the "average 13 to 19 minutes of typical blockchain transactions" between Ethereum and Layer 2 blockchains to just a few seconds.

Circle said that CCTP V2 will initially be available to developers developing on Avalanche, Base and Ethereum, but plans to add support for more blockchains this year. "CCTP V1 will continue to be available on 11 blockchains," Circle said, adding that since its launch in 2023, "CCTP has contributed to more than $36 billion in transaction volume." Some new features of CCTP V2 highlighted on Tuesday include "Hooks", which says this allows developers to "automatically operate post-transmission on the target blockchain."