Circle Starts Cutting CCTP V1 Burn Limits Oct. 31 Before Dec. 1 Pause

Circle will begin tightening transfer capacity for its first-generation cross-chain system Saturday, Oct. 31, followed by a general V1 pause scheduled for Dec. 1 that affects legacy integrations. Cross-Chain Transfer Protocol V1 moves USD Coin (USDC) between blockchains by burning tokens on the source chain and minting them on the destination. Circle’s successor, CCTP V2, uses separate contracts and an application programming interface (API) and does not support older integrations. Apps, wallets and bridge services using V1 need to update their integrations to keep using the newer system.