The finance company Circle, which issues stablecoins, has announced the release of a new version 2.2 update for USDC and EURC. The update intends to further fortify transaction security on EVM blockchains, enhance support for account abstraction, and drastically lower gas costs. It is anticipated that the phased rollout will be finished in the next months. Six changes will be made to the USDC and EURC smart contracts, which will all be included in a single v2.2 update for every EVM blockchain that is supported. With this update, there are no major changes to already-existing integrations, and it is completely backwards compatible. The upgrade has been examined by reputable third-party blockchain security company Halborn.
Enabling signature validation from smart contract wallets, improving resilience against forks, streamlining blocklisting check efficiency, eliminating the blocklist check from functions that don’t move funds, omitting the timestamp check when the deadline is set to the maximum amount, and renaming the EURC token symbol are the six new additions to the USDC and EURC smart contracts. According to the official statement, developers will be able to design solutions that let consumers pay network fuel fees using USDC and EURC. When burning and minting USDC across blockchains, the optimization reduces costs by 6-7% for popular use cases like trades or transfers and by 3-4% for developers and users of the Cross-Chain Transfer Protocol (CCTP).
According to reports, Circle is looking at the prospect of going public in the first few months of 2024. CEO Jeremy Allaire has stated that the company intended to go public soon after a failed SPAC deal with Concord last year, however there has been no official confirmation.