Circle and Coinbase Announce a Major Upgrade to the USDC Stablecoin
The San Francisco-based digital currency exchange Coinbase and the peer-to-peer (P2P) payments technology Circle have announced the new major upgrade to the USDC stablecoin protocol and smart contract as per the announcement made on August 27, 2020. The new upgraded version of the USDC stablecoin will allow users to use the stablecoin easily.
Gasless Sends’ feature is introduced in the USDC 2.0 Update
Both the cryptocurrency exchange Coinbase and Circle are members of Centre Consortium. They together have announced the “USDC 2.0” upgrade of the stablecoin. In this update, a new feature has been introduced known as “gasless sends”. As per the blog post, the importance of this feature is that it:
“enables wallet developers to abstract away the complexity of gas fees (and the need for the customer to hold a balance of ether) and instead to delegate the payment of the gas fees to another address. This allows developers to either provide that service themselves, or allows a third party service to pay the related fees. In other words, developers can either pay the fees on behalf of the customer or present and deduct the fees in USDC.”
Now, users can use the USDC stablecoin easily in various sectors such as in peer-to-peer (P2P) transactions, commerce, and payments. Apart from this, the additional feature that has been added into this upgrade is the inclusion of the extra security infrastructure update to the smart contract of the stablecoin as well.
Availability of USDC 2.0
The improvements made in the update of the USDC stablecoin are present from the 27th of August onward and users can start integrating with this newer version of the stablecoin. According to companies, wallet developers are now allowed to start taking the benefit of newly-added gasless sends and said:
“Centre members Circle and Coinbase both intend to introduce support for these protocol improvements in their respective products and services, and any 3rd party developer can integrate and support this today using the public USDC smart contract.”
Recently, the market capitalization of the USDC stablecoin climbed above $1.4 million.
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