USDC 2.0: upgrade for stablecoin29. August 2020
New update for USD Coin: USDC 2.0 is born. Centre, a project founded by Circle and Coinbase, announced on Twitter that it has introduced important news for the stablecoin.
The announcement article starts by recalling how the stablecoin sector – which is part of DeFi as a whole – is growing exponentially and that USDC has exceeded $1.4 billion with over $90 billion in onchain volumes.
We also remember that a few days ago Tether exceeded the volumes of Bitcoin and PayPal.
Important news in the update of USDC
Anyway, one of the major new features that have been introduced by this update is the so-called gasless sends that allows developers to charge the cost of the transaction to a third address and then transfer the cost from the user to a third party that can be the developer or the company itself.
At a time when the fees of Ethereum cost a folly, it’s definitely an interesting feature that makes USDC stand out from other stablecoins.
The stablecoins with the largest volumes are in fact on the Ethereum blockchain, but this has done nothing but congestion in the network and has raised the minimum threshold of gas required to process a transaction, which for small amounts is prohibitive and counterproductive.
For a less centralized stablecoin
Another novelty developed for Bitcoin Up concerns the security and administrative aspect of this asset: since it is a centralized stablecoin and there are keys to access the creation of the asset, the possibility of multi-signature has been introduced to make the system more resilient.
All these updates have led to USDC 2.0 and are available since yesterday. The new smart contract is available here and is compatible with the previous one, so neither users nor exchanges will have to do anything.
The latest news about stablecoin USDC
Surely it is an important step for this stablecoin, which by the way you can use as collateral to create DAI and will soon arrive on the blockchain of Algorand.