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Circle has introduced an upgrade of its cross-chain transfer protocol, enabling the settlement of USDC transactions within seconds. Developers can now tap into the new version of the cross-chain transfer protocol for USDC ( USDC ) transfers that will settle in seconds, Circle said in an announcement . Circle achieves the enhanced CCTP v2 through two key features: Fast Transfer and Hooks. The new fast transfer feature will reduce USDC settlement times from as high as 15 minutes on Ethereum ( ETH ) and layer-2 networks to just seconds. CCTP v2 will offer this capability regardless of the transaction’s source blockchain. Apart from faster-than-finality settlement, v2’s Hooks feature also enhances composability for smart contracts. This means developers can automate post-transfer actions on the chain receiving the USDC transfer. “Traditional cross-chain flows are often riddled with additional trust assumptions, block-finality delays, and liquidity fragmentation,” Jonathan Lim, principal product manager at Circle, said. “CCTP V2 mitigates these issues, and paves the way for improved cross-chain USDC liquidity, enhanced cross-chain UX, and institutional-grade cross-chain infrastructure for crypto capital markets.” The upgrade to CCTP comes a few days after Circle added support for passkeys to its Modular Wallets, which the company said would help unlock a better transaction experience for USDC users. Passkeys allow developers to enable easy user onboarding and offer secure USDC transactions. The key improvement lies in enhanced authentication flows, the firm noted. According to Circle, CCTP v2 will still support the cross-chain transfer speeds for USDC currently available via CCTP v1. This Standard Transfer time allows transactions to settle according to the finality time of the given blockchain. v2 launches with initial support for the Avalanche, Base, and Ethereum networks. The company plans to expand the features to more chains. Meanwhile, Wormhole, Mayan, Interport, and Socket are among the top apps, bridges, and infrastructure platforms that have already integrated CCTP v2. Circle introduced its cross-chain transfer protocol in April 2023, and it has since gained adoption across the ecosystem. Integration across leading blockchain networks and protocols has contributed to its growth.

Crypto payments network Mesh has closed $82 million in a funding round led by venture capital firm Paradigm. Mesh said in a press release that it raised $82 million in its Series B funding round. Venture capital firm Paradigm led the financing round, which attracted the participation of Consensys, QuantumLight Capital and Yolo Investments, and brought the decentralized platform’s total raise to $120 million. The funding will go into expanding the payment network’s solution across the globe, with stablecoin adoption a major part of the company’s goal. Simply, Mesh plans to bring crypto payments and stablecoin settlements to any merchant, with the target being to make it easier for cryptocurrency holders to pay with any crypto, while merchants have the benefit of faster and seamless stablecoin settlements. In this case, a user can pay with Bitcoin ( BTC ), Ethereum ( ETH ) or Solana ( SOL ). Mesh’s technology will see the merchant receive the payment in a stablecoins such as PayPal USD ( PYUSD ). Payments will auto convert to the supported stablecoin. “Stablecoins present the single biggest opportunity to disrupt the payments industry since the invention of credit and debit cards, and Mesh is now first in line to scale that vision across the world,” Bam Azizi, chief executive officer and co-founder of Mesh, said. The crypto payments platform, founded in 2020, connects hundreds of exchanges, wallets and financial services providers. Its footprint in the ecosystem includes key partnerships with MetaMask, Shift4 and Revolut. Mesh has also partnered with India-based crypto exchange CoinCDX, crypto wallet Conio and Turkey-based crypto platform Paribu. In a notable development, Mesh’s funding round saw most of the VC injection settle in PayPal USD, the U.S. dollar-pegged stablecoin backed by PayPal and issued by Paxos. PYUSD offered the venture capital firms benefits of stablecoins, including instant settlement, transparency and 24/7 support. PayPal backed Mesh via a PYUSD investment in January 2024.

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