Circle Completes USDC Upgrade to Version 2.2


Circle, the stablecoin company, has completed the upgrade of its USDC stablecoin to the 2.2 version. The update brings a slew of changes, including gas efficiency improvements, support for account abstraction and smart contract wallets, and enhancements in the resiliency of the currency when dealing with forks.

Circle Finishes Rollout of USDC 2.2 Improvements

Circle is improving its USDC stablecoin to include new functions and improve its functionality. The company recently completed the upgrade of USDC to the 2.2 version, bringing a slew of changes destined to improve performance, and adding new features to the stablecoin.

Most of these changes diminish transaction costs to perform specific functions. For example, the upgrade enhances the performance of the blocklist check function, which allows Circle to identify which wallets can transact and which can’t, according to Circle’s Access Denial policy.

Circle estimates that this brings savings all across commonly used USDC operations, like transacting and trading USDC.

According to developers, cost reduction can range between 6-7%. Burning and minting USDC across chains also get savings of 3-4%. Also, some functions that do not involve moving funds are now excluding these checks, bringing further fee savings with this change.

USDC can now be managed by smart contract wallets, giving a boost to account abstraction initiatives that seek to simplify the management of wallets and funds for end users. Through the implementation of EIP-1271, developers can also produce applications that pay fees using USDC, facilitating the movement of funds.

Finally, the smart contracts of the currency have been modified to improve its resilience against forks in Ethereum Virtual Machine (EVM) enabled chains.

On this milestone, Circle CEO Jeremy Allaire stated:

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.

Source : Bitcoin News by Sergio Goschenko / Jan 16, 2024 logo


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