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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 <a href="https://crypto.news/price/usd-coin/" data-type="link" data-id="https://crypto.news/price/usd-coin/" rel="noopener noreferrer nofollow">USDC</a> and EURC stablecoins, has rolled out a significant v2.2 upgrade for both digital currencies. This <a href="https://www.circle.com/blog/announcing-usdc-v2.2" data-type="link" data-id="https://www.circle.com/blog/announcing-usdc-v2.2" target="_blank" rel="noopener noreferrer nofollow">advancement</a>, which marks the first major update since early 2021, aims to enhance the functionality and security of these stablecoins on EVM-compatible blockchains.
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 1/ We’re excited to unveil a new v2.2 upgrade to <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDC</a> and <a href="https://twitter.com/search?q=%24EURC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$EURC</a> 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 &gt;7%.<a href="https://t.co/WFsQL2FBNh" target="_blank" rel="noopener noreferrer nofollow">https://t.co/WFsQL2FBNh</a>— Circle (@circle) <a href="https://twitter.com/circle/status/1722619479644156008?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">November 9, 2023</a>
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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 <a href="https://crypto.news/learn/ethereums-account-abstraction-explained/" data-type="link" data-id="https://crypto.news/learn/ethereums-account-abstraction-explained/" rel="noopener noreferrer nofollow">account abstraction</a>, 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.
You might also like: <a href="https://crypto.news/circle-to-launch-new-smart-contract-platform/" rel="noopener noreferrer nofollow"> Circle to launch new smart contract platform </a>
The v2.2 upgrade encompasses six new changes to the USDC and EURC <a href="https://crypto.news/introduction-to-smart-contracts-the-self-executing-contract/" data-type="link" data-id="https://crypto.news/introduction-to-smart-contracts-the-self-executing-contract/" rel="noopener noreferrer nofollow">smart contracts</a>, 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 <a href="https://crypto.news/new-euro-stablecoin-receives-backlash-from-crypto-community/" data-type="link" data-id="https://crypto.news/new-euro-stablecoin-receives-backlash-from-crypto-community/" rel="noopener noreferrer nofollow">EURC</a> will undergo a one-time name change from ‘EUROC’ to streamline branding.
<a href="https://crypto.news/tag/circle/" data-type="link" data-id="https://crypto.news/tag/circle/" rel="noopener noreferrer nofollow">Circle</a> has commenced the rollout of the v2.2 upgrades on Nov. 9 and anticipates completing the process over the next few months.
Read more: <a href="https://crypto.news/circle-eyes-ipo-in-2024-after-failure-in-2021-bloomberg/" rel="noopener noreferrer nofollow"> Circle eyes IPO in 2024 after failure in 2021: Bloomberg </a>

Circle announces enhanced USDC and EURC with v2.2 upgrade

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