Background: Liquid biopsy (LBx) assays are transforming precision oncology by the screening of genomic alteration in cfDNA. These assays provide a less invasive alternative to tissue biopsies, which are not always feasible. Clinical laboratories require LBx assays that detect variants at low allele frequencies using standardized methods for decentralized deployment. Methods: This study evaluated the Hedera Profiling 2 ctDNA test panel (HP2) (Hedera Dx, Epalinges, Switzerland), a hybrid capture-based NGS assay for the detection of somatic alterations from cfDNA. Covering 32 genes, HP2 enables the detection of SNVs, Indels, Fusions, CNVs, and MSI status from a single DNA-only workflow. The analytical performance was assessed using reference standards and a diverse cohort of 137 clinical samples pre-characterized by orthogonal methods. Results: In reference standards at 0.5% VAF, detection sensitivity and specificity for SNVs/Indels were 96.92% and 99.67%, respectively, and 100% each for Fusions. For MSI with VAFs of ≥ 1% and CNVs with VAFs of ≥ 2% both achieved 100% sensitivity. Conclusion: This extensive, multicenter clinical performance evaluation across a large number of hospital laboratories demonstrated high concordance of HP2 assay with orthogonal methods, confirming its significant potential as a highly sensitive, and efficient Pan-Cancer test for decentralized LBx testing.