Circle Launches Upgrade for USDC and EURC Smart Contracts
Circle, a stablecoin issuer and fintech firm, has announced the release of a new v2.2 upgrade for USDC and EURC. This upgrade aims to reduce gas costs, improve account abstraction support, and enhance transaction security on EVM blockchains. The phased rollout is expected to be completed over the next few months.
Six New Changes to USDC and EURC Smart Contracts
The v2.2 upgrade introduces six modifications to the USDC and EURC smart contracts, enhancing their functionality on supported EVM blockchains. These changes are fully backward-compatible and have been audited by a third-party blockchain security firm, Halborn.
The first major improvement enables signature validation from smart contract wallets by adopting EIP-1271. This allows authorized transfers to be used from a smart contract wallet in addition to a private key wallet, aligning with the trend of account abstraction in the EVM ecosystem.
The second improvement focuses on optimizing blocklist state storage to reduce network gas fees for various functions such as transfer, burn, and mint.
The third update enhances resilience against forks by dynamically inferring the official chainID instead of setting it manually, preventing transactions on unofficial forks.
The fourth change removes the blocklist check from functions that don’t move funds, resulting in further reduction of network gas fees when using USDC and EURC.
The fifth improvement deals with skipping the timestamp check when the deadline is set to the maximum amount, while the sixth one involves a one-time rename for the EURC token symbol.
IPO in 2024
Circle is reportedly considering going public in early 2024 after CEO Jeremy Allaire expressed the intention following a failed SPAC deal with Concord last year.
Hot Take: Circle Enhances USDC and EURC Smart Contracts
Circle’s v2.2 upgrade for USDC and EURC brings significant improvements to their functionality, aiming to reduce gas costs and enhance security on EVM blockchains. With these changes, Circle is also exploring the possibility of becoming a publicly traded company in 2024.
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