Circle has launched an upgraded version of its Cross-Chain Transfer Protocol (CCTP V2), significantly reducing USDC transaction times from the typical 13-19 minutes on Ethereum and Layer 2 networks to just seconds. This new version introduces a Fast Transfer feature for near-instant transfers and Hooks, allowing developers to automate actions like asset swaps on the receiving blockchain, enhancing efficiency for decentralized finance (DeFi) applications. CCTP V2 is currently live on Ethereum, Avalanche, and Base, with plans for further blockchain integrations. Since its initial release, CCTP has processed over $36 billion in transactions, enabling the transfer of digital assets across blockchains without the need for traditional liquidity pools. The protocol is integral to the operation of USDC, the second largest stablecoin, which is gaining traction for various uses in crypto trading and traditional finance.

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