The CMS Binary Chip 2 (CBC2) is a full-scale prototype ASIC developed for the front-end readout of the high-luminosity upgrade of the CMS silicon strip tracker. The 254-channel, 130 nm CMOS ASIC is designed for the binary readout of double-layer modules, and features cluster-width discrimination and coincidence logic for detecting high-PT track candidates. The chip was delivered in January 2013 and has since been bump-bonded to a dual-chip hybrid and extensively tested. The CBC2 is fully functional and working to specification: we present the result of electrical characterization of the chip, including gain, noise, threshold scan and power consumption, together with the performance of the stub finding logic. Finally we will outline the plan for future developments towards the production version.