Circle’s Successful USDC 2.2 Upgrade Enhances Stability and Reduces Costs
Circle, the stablecoin company, has successfully upgraded its USDC stablecoin to version 2.2, introducing significant enhancements to its features and performance.
The update focuses on reducing transaction costs and improving the stablecoin’s functionality. Notable changes include increased gas efficiency, support for account abstraction and smart contract wallets, and strengthened resilience against forks in Ethereum Virtual Machine (EVM) enabled chains. The improvements also result in cost savings across various USDC operations, such as transacting, trading, and minting, with estimated reductions ranging from 3-7%.
Additionally, USDC is now compatible with smart contract wallets, supporting account abstraction initiatives and facilitating fee payments using the currency. Circle CEO Jeremy Allaire expressed satisfaction with the seamless upgrade, emphasizing the protocol’s capability to handle trillions in transactions and tens of billions of dollars on-chain.
Clever Robot News Desk 17th January 2024
