Cross-Chain Transfer Protocol V2 (CCTP V2) product
Overview
Cross-Chain Transfer Protocol V2 (CCTP V2) is an on-chain protocol developed by Circle that enables permissionless, native USDC transfers across supported blockchains by burning USDC on the source chain and minting an equivalent amount on the destination chain. It is categorized as a cross-chain bridge or interoperability protocol, designed to improve capital efficiency and security over traditional wrapped-asset bridges.
Within the DeFi Intel graph, Cross-Chain Transfer Protocol V2 (CCTP V2) connects to 1 tracked entity, most strongly to Cross-Chain Transfer Protocol (CCTP).
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 1 of 1 total).
| Relation | Connected entity | Confidence |
|---|---|---|
replaces | Cross-Chain Transfer Protocol (CCTP) | 95% |
Frequently asked questions
What is Cross-Chain Transfer Protocol V2?
Cross-Chain Transfer Protocol V2 (CCTP V2) is an on-chain protocol developed by Circle that enables permissionless, native USDC transfers across supported blockchains by burning USDC on the source chain and minting an equivalent amount on the destination chain.
How does CCTP V2 transfer USDC between chains?
CCTP V2 transfers USDC by burning the tokens on the source chain and minting an equivalent amount on the destination chain, avoiding the use of wrapped assets.
What replaced CCTP V2?
CCTP V2 was replaced by Cross-Chain Transfer Protocol (CCTP).