Circle Updates USD Coin Stablecoin to Version 2.2
Circle, the issuer of the stablecoin USD Coin (USDC), has released an update to version 2.2 of the stablecoin. This update brings six new changes to the stablecoin smart contract for each supported Ethereum Virtual Machine (EVM) blockchain.
“Starting today, we’ll begin a phased rollout of the v2.2 upgrade to USDC and EURC on testnet and mainnet for each supported blockchain, which we plan to complete over the next few months.”
Circle
Improved Gas Efficiency and Support for Smart Contract Wallets
The update includes various improvements such as enhanced gas efficiency, support for account abstraction and smart contract wallets, and increased currency resilience in the event of forks.
In addition, most of the changes aim to reduce transaction costs for specific functions. Notably, the update is expected to enhance the performance of the denylist checking feature, which enables Circle to determine which wallets can make transactions based on its denial-of-access policy.
Transaction Cost Reduction and Stablecoin Regulations
The developers anticipate that the upgrade will result in savings of 6-7%. Furthermore, burning and minting USDC on different chains can save an additional 3-4%.
Circle CEO Jeremy Allaire believes that stablecoin regulations will be passed in the United States by 2024. He notes a growing global trend towards approving laws for the crypto industry.
Hot Take: Circle Enhances USDC Stability with Version 2.2 Update
Circle’s latest update to its stablecoin USD Coin (USDC) with version 2.2 brings several improvements, including enhanced gas efficiency and support for smart contract wallets. These changes aim to reduce transaction costs and improve the performance of key features like denylist checking. The upgrade is expected to result in significant savings for users, with estimated savings of 6-7% on transactions and an additional 3-4% on burning and minting USDC on different chains.
Circle CEO Jeremy Allaire also predicts that stablecoin regulations will be enacted in the U.S. by 2024, reflecting a global trend towards crypto industry legislation. Overall, the version 2.2 update reinforces USDC’s stability and demonstrates Circle’s commitment to enhancing its stablecoin offering.
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