Circle Enhances USDC Stablecoin with 2.2 Update
Circle has successfully implemented the upgrade of its USDC stablecoin to the 2.2 version, introducing a range of improvements and new features. The recent upgrade aims to enhance performance, reduce transaction costs, and provide greater flexibility for users.
Transaction Cost Reductions and Function Enhancements
The upgrade brings significant cost savings to various USDC operations. For instance, the blocklist check function has been optimized, resulting in a more efficient identification of wallets that can transact. Circle estimates that this can lead to a 6-7% reduction in transaction costs. Burning and minting USDC across chains also see savings of 3-4%. Additionally, some non-fund moving functions now exclude certain checks, further reducing fees.
Integration with Smart Contract Wallets and EIP-1271
USDC can now be managed by smart contract wallets, streamlining wallet and fund management for end users. The implementation of EIP-1271 allows developers to create applications that can pay fees using USDC, facilitating the movement of funds.
Enhancing Resilience against Forks
The stablecoin’s smart contracts have been modified to improve its resilience when dealing with forks in Ethereum Virtual Machine (EVM) enabled chains, ensuring the stability and security of USDC.
Circle CEO’s Satisfaction with the Upgrade
Circle CEO Jeremy Allaire expressed his satisfaction with the successful upgrade, highlighting the seamless process and the protocol’s track record of handling trillions in transactions and billions of dollars on-chain.
“We safely completed the upgrade of USDC to v2.2. It’s amazing to seamlessly upgrade a protocol that has handled trillions in transactions and tens of billions of dollars on-chain,” Allaire stated.
Hot Take: Circle Optimizes Performance and Functionality of USDC Stablecoin with 2.2 Update
Circle’s recent upgrade of its USDC stablecoin to the 2.2 version brings a host of improvements, cost reductions, and new features. By enhancing transaction efficiency, reducing costs, integrating with smart contract wallets, and improving resilience against forks, Circle aims to provide users with a more convenient and powerful stablecoin experience. The successful upgrade underscores Circle’s commitment to innovation and ensuring the seamless operation of its stablecoin in handling significant transaction volumes. With these enhancements, USDC continues to solidify its position as a leading stablecoin in the crypto market.
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