Coinbase and Circle Introduce New Version of USDC with Gas-Free Transaction Support
The CENTER consortium, which includes Circle and Coinbase, today announced the launch of an updated version of the USDC stablecoin with expanded functionality.
According to the announcement, USDC 2.0 allows stablecoin-supporting services to pay fees for processing transactions on the Ethereum network instead of their clients. Until that time, in order to interact with USDC, as with other assets on the Ethereum blockchain, users needed to have ether on their wallets to cover commissions or pay for the so-called gas.
“Thus, developers can either provide this service themselves, or connect a third-party service that will cover associated fees,” the message says. If necessary, the user can be debited an amount equivalent to the amount of the commission in USDC.
It is expected that this will significantly expand the possibilities for using USDC in payments, e-commerce and peer-to-peer transactions. Developers will be able to create wallets, the experience of interacting with which will more resemble regular payment applications, since the user will only need to have USDC to make transactions.
The update also contains improvements on the security side. USDC 2.0 adds multi-signature contracts, including new consensus mechanisms, to move away from human off-chain procedures in favor of blockchain processes.
Circle and Coinbase have encouraged industry participants to upgrade to the new USDC version: “The new smart contract and USDC protocol improvements are available starting today, August 27th. Any wallet developer can start enjoying the benefits of gas-free transactions. Center members, Circle and Coinbase, intend to provide support for protocol improvements in their own products and services, and any third-party developers can integrate them today using the USDC public smart contract. “.
The companies also note that USDC’s turnover exceeds $ 1.4 billion, and transaction volume surpasses $ 90 billion..