Circle has initiated the v2.2 upgrade for its USDC and EURC stablecoins, promising reduced transaction costs, improved security, and seamless integration for EVM blockchain transactions.
Circle, the issuer of USDC and EURC stablecoins, has rolled out a significant v2.2 upgrade for both digital currencies. This advancement, which marks the first major update since early 2021, aims to enhance the functionality and security of these stablecoins on EVM-compatible blockchains.
Key improvements in this upgrade include reduced gas costs, which is a significant step towards making transactions more economical. This is particularly important for users who perform numerous transactions and have been affected by high fees on the blockchain. In addition, the upgrade brings enhanced support for account abstraction, marked progress in simplifying user experiences by allowing for more flexible wallet structures.
Security, a critical concern for all digital transactions, receives a boost with increased measures to safeguard transactions. The comprehensive audit by blockchain security firm Halborn lends credibility to these enhancements, assuring users of the integrity of the upgrade.
The v2.2 upgrade encompasses six new changes to the USDC and EURC smart contracts, which will be implemented seamlessly across supported EVM blockchains. Notably, this upgrade is fully backwards-compatible and introduces no disruptive changes, meaning that developers and users will not need to take any action to adapt.
Further refinements include the implementation of signature validations for smart contract wallets, streamlined blocklist checks, and improved resilience against blockchain forks. Additionally, the EURC will undergo a one-time name change from ‘EUROC’ to streamline branding.
Circle has commenced the rollout of the v2.2 upgrades on Nov. 9 and anticipates completing the process over the next few months.