Circle Launches Major Upgrade v2.2 for USDC and EURC Stablecoins

Introduction

In a notable move, Circle, the issuer behind the USDC and EURC stablecoins, has introduced a substantial v2.2 upgrade for both digital assets. This update, the first of its kind since early 2021, is designed to augment the functionality and security of these stablecoins, specifically on EVM-compatible blockchains.

1/ We’re excited to unveil a new v2.2 upgrade to $USDC and $EURC that reduces gas costs, improves support for account abstraction, and bolsters security on EVM blockchains.

Learn more about the rollout timing and how v2.2 improves gas efficiency by >7%.https://t.co/WFsQL2FBNh

— Circle (@circle) November 9, 2023

The Key Improvements of the Upgrade

• Reduced Transaction Costs: The v2.2 upgrade focuses on minimizing gas costs, a pivotal step towards enhancing the economic feasibility of transactions. This development is particularly beneficial for users engaging in frequent transactions who have been grappling with high fees on the blockchain.
• Improved Account Abstraction Support: The upgrade brings forth improved support for account abstraction, streamlining user experiences by allowing for more adaptable wallet structures. This advancement marks significant progress in simplifying interactions within the blockchain network.
• Heightened Security Measures: Addressing the paramount concern of security in digital transactions, the upgrade incorporates additional measures to fortify the integrity of transactions. A thorough audit conducted by blockchain security firm Halborn further underscores the credibility of these security enhancements.
• Seamless Integration Across EVM Blockchains: The v2.2 upgrade introduces six new changes to the USDC and EURC smart contracts, seamlessly implemented across supported EVM blockchains. Importantly, this upgrade is fully backward-compatible, ensuring a smooth transition for developers and users without necessitating any immediate action.

Read More: Circle’s Cryptic IPO Plan

Conclusion

Circle’s strategic move to initiate the v2.2 upgrade signifies a commitment to advancing the utility and security of its stablecoins. With a focus on reducing transaction costs, improving user experiences, and bolstering security measures, this upgrade positions USDC and EURC for enhanced performance on EVM-compatible blockchains.

Source: Crypto.News