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Bridge review

Circle CCTP review

Issuer burn-and-mint — USDC is burned on the source chain and minted by Circle on the destination after Circle's attestation

Snapshot Cartoon avatar of Arnold BurnBy Updated Data gate passed · 20 routes / 7 d

Key findings

Circle's Cross-Chain Transfer Protocol (CCTP) moves native USDC by burning it on the source chain and minting it on the destination after Circle's off-chain Iris service signs an attestation (2-of-2 attesters). There is no pool and no third-party liquidity, so the main risk is Circle itself. Standard Transfers are free; Fast Transfers cost 0–13 bps depending on the source chain.

As of 3 Nov 2026, 11:35 UTC (run #540), Circle CCTP (Fast) returned quotes on 22 sampled routes (310 quote rows in this packet). At $200 it was the cheapest ranked quote on 0 routes. Median cost among its non-negative $200 quotes: 31.00 bps (cheapest observed 26.99 bps). Sources reporting it: Circle CCTP V2（费率表）, LI.FI. Real-money tests: none yet — planned after launch.

Source: upswap.io snapshot #540 · CC BY 4.0 · Zenodo DOI: Example / pending

How does Circle CCTP work?

You call depositForBurn on the source chain's TokenMessenger; your USDC is burned. Circle's off-chain Iris attestation service observes the burn and signs an attestation. Anyone holding the message and attestation can call receiveMessage on the destination MessageTransmitter, which checks the attester signatures and mints USDC to the recipient (L2Beat).

Standard Transfer waits for source-chain finality. Fast Transfer gets an attestation before finality, backed by Circle's Fast Transfer allowance, for a per-route fee (Circle docs).

Scorecard (no total score)

Cost excl. gas

31.00
median bps · n=61

Coverage

22
routes this packet

$200 wins

0
cheapest finishes

Quote rows

310
all tiers

Real transfers

0
not enough data

Upgrade / custody

—
待核实

How much does Circle CCTP (Fast) cost on each route?

336 runs · 7 d

Over the last 7 days Circle CCTP (Fast)'s median $200 cost ranged from 26.99 bps (Ethereum → Base USDC) to 175.87 bps (Ethereum → Arbitrum One USDT); it was the cheapest bridge in 4 route-runs.

Circle CCTP (Fast): $200 cost distribution by route (7 days)Per route: whisker = min to max, box = 25th to 75th percentile, thick tick = median of this bridge's cheapest rankable $200 quote per run, 336 runs. Amber rows: this bridge was cheapest on the route at least once. Log scale, bps, excl. gas.50100200bpsEthereum → Base USDC27Arbitrum One → Base USDC27Ethereum → OP Mainnet USDC27Ethereum → Polygon PoS USDC27Arbitrum One → Polygon PoS USDC27Base → OP Mainnet USDC27OP Mainnet → Base USDC27Polygon PoS → Base USDC27Base → Polygon PoS USDC27Ethereum → Avalanche C-Chain USDC27Polygon PoS → Arbitrum One USDC29Ethereum → Arbitrum One USDC29Base → Arbitrum One USDC29Ethereum → Solana USDC51Base → Solana USDC51Arbitrum One → Solana USDC52Base → Ethereum USDC72Arbitrum One → Ethereum USDC73Ethereum → Solana ETH→SOL146Ethereum → Arbitrum One USDT176
Circle CCTP (Fast): $200 cost distribution by route (7 days)Per route: whisker = min to max, box = 25th to 75th percentile, thick tick = median of this bridge's cheapest rankable $200 quote per run, 336 runs. Amber rows: this bridge was cheapest on the route at least once. Log scale, bps, excl. gas.50100200bpsEthereum → Base USDC27Arbitrum One → Base USDC27Ethereum → OP Mainnet USDC27Ethereum → Polygon PoS USDC27Arbitrum One → Polygon PoS…27Base → OP Mainnet USDC27OP Mainnet → Base USDC27Polygon PoS → Base USDC27Base → Polygon PoS USDC27Ethereum → Avalanche C-Cha…27Polygon PoS → Arbitrum One…29Ethereum → Arbitrum One US…29Base → Arbitrum One USDC29Ethereum → Solana USDC51Base → Solana USDC51Arbitrum One → Solana USDC52Base → Ethereum USDC72Arbitrum One → Ethereum US…73Ethereum → Solana ETH→SOL146Ethereum → Arbitrum One US…176
Circle CCTP (Fast): $200 cost distribution by route (7 days)Per route: whisker = min to max, box = 25th to 75th percentile, thick tick = median of this bridge's cheapest rankable $200 quote per run, 336 runs. Amber rows: this bridge was cheapest on the route at least once. Log scale, bps, excl. gas.50100200bpsEthereum → Base27Arbitrum One →…27Ethereum → OP…27Ethereum → Pol…27Arbitrum One →…27Base → OP Main…27OP Mainnet → B…27Polygon PoS →…27Base → Polygon…27Ethereum → Ava…27Polygon PoS →…29Ethereum → Arb…29Base → Arbitru…29Ethereum → Sol…51Base → Solana51Arbitrum One →…52Base → Ethereum72Arbitrum One →…73Ethereum → Sol…146Ethereum → Arb…176
Per route: whisker = min to max, box = 25th to 75th percentile, thick tick = median of this bridge's cheapest rankable $200 quote per run, 336 runs. Amber rows: this bridge was cheapest on the route at least once. Log scale, bps, excl. gas.
Circle CCTP (Fast): $200 cost distribution by route (7 days)
RoutenMinP25MedianP75MaxCheapest runs
Ethereum → Base USDC33626.9926.9926.9927.0030.000
Arbitrum One → Base USDC33526.9926.9926.9927.0030.000
Ethereum → OP Mainnet USDC33426.9926.9926.9927.0030.000
Ethereum → Polygon PoS USDC33526.9926.9926.9927.0030.000
Arbitrum One → Polygon PoS USDC33626.9926.9926.9927.0030.000
Base → OP Mainnet USDC33426.9926.9926.9927.0030.000
OP Mainnet → Base USDC33625.3126.9926.9927.0031.290
Polygon PoS → Base USDC33626.9926.9926.9927.0029.990
Base → Polygon PoS USDC33626.9926.9926.9927.0030.000
Ethereum → Avalanche C-Chain USDC33626.9926.9926.9927.0027.000
Polygon PoS → Arbitrum One USDC33528.9429.0429.0829.1930.000
Ethereum → Arbitrum One USDC33428.9329.0429.0829.2030.000
Base → Arbitrum One USDC33628.9729.0429.0829.1930.000
Ethereum → Solana USDC33550.0350.8351.1252.17108.650
Base → Solana USDC33650.4051.1651.4552.50108.590
Arbitrum One → Solana USDC33450.4851.2751.5652.60108.680
Base → Ethereum USDC33270.8471.6372.0373.35124.952
Arbitrum One → Ethereum USDC33071.7172.5272.9274.24124.902
Ethereum → Solana ETH→SOL1497.31133.75145.57152.41167.760
Ethereum → Arbitrum One USDT15114.09147.71175.87177.62179.150

Where does Circle CCTP (Fast) win at $200?

Circle CCTP (Fast) best $200 quote by route
RouteVia sourcebpsRoute leader
Ethereum → OP Mainnet USDCLI.FI26.99Eco 0.00
Base → OP Mainnet USDCLI.FI26.99Eco 0.00
Arbitrum One → Base USDCLI.FI26.99Eco 0.00
Ethereum → Polygon PoS USDCLI.FI26.99Eco 0.00
Arbitrum One → Polygon PoS USDCLI.FI26.99Eco 0.00
OP Mainnet → Base USDCLI.FI26.99Eco 0.00
Polygon PoS → Base USDCLI.FI26.99Eco 0.00
Base → Polygon PoS USDCLI.FI26.99Eco 0.00
Ethereum → Avalanche C-Chain USDCLI.FI26.99NEAR Intents 1Click 0.40
Ethereum → Base USDCLI.FI26.99Eco 0.00
Ethereum → Arbitrum One USDCLI.FI29.07Eco 0.00
Base → Arbitrum One USDCLI.FI29.07Eco 0.00
Polygon PoS → Arbitrum One USDCLI.FI29.07Eco 0.00
Ethereum → Solana USDCLI.FI50.31Across 1.00
Base → Solana USDCLI.FI50.64Across 1.30
Arbitrum One → Solana USDCLI.FI50.75Across 1.40
Base → Ethereum USDCLI.FI71.95Eco 0.00
Arbitrum One → Ethereum USDCLI.FI72.84Eco 0.00

What are the risks of using Circle CCTP?

sources checked 2026-10-24

Each item links to its source (L2Beat, DefiLlama or official docs). Items we could not verify are marked 待核实. No overall score.

  • Attestation

    Security depends on Circle's attestation service signing only valid burns and protecting its keys; v1 and v2 both use a 2/2 attester threshold. The attester manager can change attesters and thresholds.

    L2Beat

  • Upgrade authority

    CCTP v2 contracts are proxied, and their proxy admins can replace implementations with no on-chain delay. Circle also holds roles to pause message transmission and to blacklist addresses on USDC.

    L2Beat

  • Approval risk

    You approve USDC to Circle's TokenMessenger for the burn amount; there is no third-party router in a direct CCTP transfer.

    L2Beat

  • Security incidents

    No CCTP incident in DefiLlama Hacks as of 2026-10-24.

    DefiLlama Hacks

What fees does Circle CCTP charge?

Standard Transfer
Free (you still pay gas on both chains, or a relayer does). Circle
Fast Transfer
0–13 bps depending on the source chain, deducted when USDC is minted; a maxFee parameter caps it. Circle

Our direct CCTP rows are computed from Circle's published Fast Transfer fee schedule (source name “Circle CCTP V2 (fee schedule)”), not from a live quote: received = amount × (1 − fee bps) − Circle Forwarder's medium forwarding fee. Source-chain gas is not included and no transfer time is shown.

How did its quotes perform in our data?

run #540

Quotes for Circle CCTP (Fast) in run #540, by the API that reported them.

Quote performance by source
SourceTypeRoutesQuote rows$200 cheapestMedian $200 bpsNegative-cost rows
Circle CCTP V2（费率表）direct211260—0
LI.FIvia aggregator19184031.000

Negative-cost quotes (receiving more than you send) are listed, never ranked. Cost excludes source-chain gas.

Has upswap tested it with real money?

Not yet. Real-money tests are planned after launch; no test wallets or transactions are published yet.

What are the pros and cons?

Pros

  • Native USDC on both ends — no wrapped token, no pool to drain.
  • Standard Transfers are free; Fast Transfers cost at most 13 bps.
  • Used under the hood by many other bridges.

Cons

  • USDC (and EURC) only.
  • Fully trusts Circle: attestation, upgrades, pausing and blacklisting.
  • Using it directly means claiming on the destination chain yourself unless an app relays for you.

Who is Circle CCTP for?

The default choice for moving USDC between supported chains if you already trust Circle as the USDC issuer; pick Standard to save the fee when you can wait for finality.

Has it been hacked?

No incident linked in our incident library.

Incident library →

Which official links are verified?

  • Product page www.circle.com/cross-chain-transfer-protocol · checked 2026-10-24
  • Docs developers.circle.com/cctp · checked 2026-10-24
  • Fee docs developers.circle.com/cctp/concepts/fees · checked 2026-10-24

Sources

  1. Circle CCTP v2 — interop protocol page — L2Beat · Database · checked
  2. CCTP fees — Circle · Docs · checked
  3. Circle CCTP — protocol page — DefiLlama · Database · checked
  4. DefiLlama Hacks database — DefiLlama Hacks · Database · checked

Changelog

  • — Draft review written from L2Beat (CCTP v2) and Circle docs.

How do I cite this page?

Burn, A. / upswap.io (2026). Circle Cross-Chain Transfer Protocol (CCTP) review. Updated 2026-10-24. https://upswap.io/bridges/circle-cctp-fast#summary. CC BY 4.0. Accessed ____.

Stable anchors: #summary #type #risk #fee-structure #performance #tests #pros-cons #fit #incidents #official #sources #changelog #disclosure #cite