Stablecoin company Circle has completed the upgrade of its USDC stablecoin to version 2.2. The update brings a series of changes, including improved gas efficiency, support for account abstraction and smart contract wallets, and enhanced currency resilience when dealing with forks.
Circle Completes Rollout of USDC 2.2 Improvements
Circle is revamping its USDC stablecoin to include new features and improve its functionality. The company recently completed an upgrade of USDC to version 2.2, bringing a series of changes designed to improve performance and add new features to the stablecoin.
Most of these changes reduce the transaction costs of performing specific functions. For example, the upgrade enhances the performance of the blacklist check feature that enables Circle to identify which wallets can and cannot transact based on Circle’s denial of access policy.
Circle estimates that this will achieve savings in commonly used USDC operations, such as the exchange and trading of USDC. According to the developers, cost reductions can be between 6-7%. Destroying and minting USDC on the cross-chain can also achieve savings of 3-4%. In addition, some functions that do not involve the transfer of funds now no longer include these checks, thereby further saving fees through a change.
USDC can now be managed through smart contract wallets, which promotes the account abstraction plan designed to simplify end-user wallet and fund management. Through the implementation of EIP-1271, developers can also make applications that use USDC to pay fees, facilitating the flow of funds.
Finally, the currency’s smart contracts have been modified to improve its resilience against forks in the chain powered by the Ethereum Virtual Machine (EVM).
Commenting on this milestone, Circle CEO Jeremy Allaire said:
We have safely completed the upgrade of USDC to v2.2. It is amazing to seamlessly upgrade a protocol that has already processed trillions of transactions and tens of billions of dollars on-chain.
What do you think about USDC upgrading to version 2.2? Let us know in the comments section below. #Circle #USDC
