USD Coin (USDC) stablecoin issuer Circle has updated its stablecoin to version 2.2.
According to a new blog post via Circle, six new changes to stablecoin smart contracts will be implemented in version 2.2 for each supported Ethereum Virtual Machine (EVM) blockchain.
“Starting today, we will be rolling out the v2.2 upgrades for USDC and EURC in stages on testnet and mainnet for each supported blockchain, with plans to complete them over the next few months.”
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This update brings many changes, including improved gas efficiency, account abstraction and smart contract wallet support, and improved currency resilience when handling forks.
Most changes also reduce transaction costs for certain features. In particular, the update should improve the performance of the block list check feature, which allows Circle to determine which wallets can and cannot make transactions under its access denial policy.
Most of the updates are aimed at reducing transaction costs. Developers expect to save 6 to 7 percent through the upgrade. 3-4% is also retained when USDC is burned and minted on other chains.
Circle CEO Jeremy Allaire said he expects stablecoin legislation to be passed in the U.S. in 2024. According to Allaire, the likelihood of adopting stablecoin regulations is currently “very high.” CEO Circle points to a new trend around the world towards legal approval for the cryptocurrency industry.