Circle’s Latest Upgrade for Stablecoin Suite
Circle has announced a new v2.2 upgrade for its digital stablecoins, usd coin (USDC) and euro coin (EURC). The upgrade aims to reduce gas costs, enable new use cases, and enhance security.
Key Changes Coming to USDC and EURC Smart Contracts
In the latest upgrade, Circle has made six key changes to the USDC and EURC smart contracts. These upgrades will be rolled out across major blockchains like Ethereum, Avalanche, and Polygon that support USDC and EURC by early 2024. It is noted that the last major changes occurred in 2021.
The first significant change allows USDC and EURC to be transferred directly from smart contract wallets using signature validation. This improvement will enable developers to build decentralized applications (dapps) that allow users to pay network fees in USDC or EURC instead of underlying crypto assets like ethereum (ETH).
Circle has also optimized USDC’s blocklist feature to check addresses against a more efficient data structure, resulting in gas savings of around 6-7% for common transactions like transfers.
Furthermore, the contracts will include logic to prevent validation on unauthorized forks, protecting users if networks splinter into competing blockchains. Additional tweaks remove unnecessary operations that were incorrectly checking the blocklist. Circle is also renaming EURC’s token symbol from EUROC to EURC to match their unified branding.
Smooth Transition for Developers and Users
The upgrades require no action from developers or users as they have been audited and won’t cause any disruptions. The phased rollout of the v2.2 upgrade to USDC and EURC on testnet and mainnet for each supported blockchain is set to be completed over the next few months.
Rumors of Circle Going Public
Circle’s upgrade comes amid rumors suggesting that the firm plans to go public in early 2024. While the company disclosed that going public is part of Circle’s roadmap, it does not respond to circulating rumors.
Hot Take: Improving Stability and Functionality
Circle’s v2.2 upgrade for its stablecoin suite demonstrates a commitment to improving stability, functionality, and usability for both developers and users within the cryptocurrency space. By reducing gas costs, enabling new use cases, and enhancing security measures, Circle aims to further solidify its position as a leading provider of digital stablecoins in the market. The seamless transition for developers and users underscores Circle’s dedication to delivering innovative solutions without causing disruptions.
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