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CIRCLE TRIMS USDC CROSS-CHAIN SETTLEMENT TIME DOWN TO SECONDS WITH PROTOCOL UPDATE
▪Circle, issuer of the world’s second-largest stablecoin USDC, has launched a protocol update it says reduces cross-chain transaction settlement time “to seconds,” compared to an average of 13 to 19 minutes for a typical blockchain transaction between Ethereum and Layer 2 blockchains.
▪According to Circle, the newly launched Cross-Chain Transfer Protocol V2, or CCTP V2, improves upon the earlier version “with a new set of smart contracts and APIs.”
Circle, issuer of the world’s second-largest stablecoin USDC, unveiled a protocol update on Tuesday it says will reduce cross-chain settlement time from several minutes to a matter of seconds.
The company’s newly launched Cross-Chain Transfer Protocol V2, or CCTP V2, will improve upon CCTP V1 “with a new set of smart contracts and APIs,” slashing cross-chain transaction settlement time from “an average of 13 to 19 minutes for a typical blockchain transaction” between Ethereum and Layer 2 blockchains to only seconds, according to a statement.
“CCTP V2 reduces the barriers that have hindered the fluid movement of digital dollars between supported blockchains,” said Nikhil Chandhok, chief product officer of Circle, in the statement.
“CCTP V2 gives developers greater flexibility to tailor cross-chain transactions to their specific needs and unlocks low-latency use cases in crypto capital markets, effectively abstracting away cross-chain complexities for developers and their users.”
As the USD-pegged stablecoin market, by most accounts, is poised to keep growing, improving transaction time could prove beneficial to Circle as competition potentially heats up in the coming months and years.
Out of the roughly $235 billion worth of USD stablecoins in circulation, Circle’s USDC accounts for $58 billion, according to The Block Data Dashboard. USDC ranks a distant second to Tether’s USDT, the clear market leader.
Avalanche, Base and Ethereum to begin with
Circle said CCTP V2 will initially be available for developers working on Avalanche, Base and Ethereum, but the plan is to add support for more blockchains as the year progresses. “CCTP V1 will remain available on 11 blockchains,” Circle said, adding that since launched in 2023, “CCTP has facilitated more than $36 billion in transaction volume.“
Some of CCTP V2’s new features Circle highlighted on Tuesday include “Hooks,” which it said makes it possible for developers “to automate post-transfer actions on the destination blockchain.”
@ Newshounds News™
Source: The Block
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BRICS: RUSSIA & IRAN ANNOUNCE NEW DEAL TO BOOST TRADE
Amid the ongoing tension between the US and BRICS, both Russia and Iran have announced a new deal to boost trade and cooperation. Indeed, both sides are expecting a surge in their partnership as things look increasingly uncertain for the alliance moving forward.
Throughout the year so far, the bloc has faced aggressive economic policy from the United States. Since being inaugurated, Donald Trump has not minced words regarding his feelings for the group. However, that has not seen the collective slow its ambitious growth efforts.
Russia & Iran Sign New Trade Deal as BRICS Faces Increased US Pressure
The last two years have seen the BRICS economic alliance embrace a massive growth effort. Indeed, they are continuing, with the alliance eyeing continued expansion in 2025. Moreover, it has held firm in its commitment to de-dollarization despite increased pressure from the United States.
Those efforts to fortify their alliance have continued for BRICS Monday as Russia and Iran have signed a new trade deal. According to a new report, both sides are expecting the increased cooperation to result in a “trade surge,” with cultural expansion to soon follow.
“Trade between Russia and Iran is generally demonstrating positive dynamics,” Ambassador Aleksley Dedov said. “We expect further growth in trade turnover at the end of this year,” he added. Indeed, they project a 15% increase in trade dealings over 2024. Moreover, a key emphasis on the increased trade is the decision for both sides to settle in local currencies.
That decision is yet another blow to the US dollar. President Donald Trump has not been kind to any de-dollarization efforts present globally. He has previously warned of 150% tariffs on nations that engage in the practice. It will be interesting to see if Russia and Iran are now subject to those threats.
@ Newshounds News™
Source: Watcher Guru and TehranTimes
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3/11/25 Isaac’s Update Link
More encouraging news from Isaac. He has German and Yellow Dragon bonds. He has always said the German bonds will go first.
Settings have changed and you can no longer copy or forward. But you can read his comments in both his room and the Living room.
Basically he feels Good News is coming. He feels he will have confirmation of that soon.
Newshounds will continue to report what Isaac has to say so keep checking back with us.
Isaac’s Room Link
Isaac Website Link
Announcement Link
Process Steps Link
@ Newshounds News™
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