USDC 2.0 officially launched! Allows you to send on-chain transactions even without ETH
Circle and Coinbase have announced the upgrade of the USDC stablecoin to version 2.0. In addition to optimizing security, USDC 2.0 will introduce Gasless transactions, allowing users to complete on-chain transactions without holding Ether.
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USDC 2.0 Enhances Security and Convenience
The stablecoin USDC has seen a significant increase in adoption due to its support by many DeFi platforms. According to official data, USDC's market cap has exceeded $1.4 billion, with on-chain transaction volume surpassing $90 billion. In order to further enhance convenience and security, the USDC issuing organization, Center Consortium, jointly established by Circle and Coinbase, released a press release yesterday (27th) stating that the stablecoin USDC will undergo significant protocol and smart contract upgrades. The new version, USDC 2.0, will allow users to conduct on-chain transactions without holding Ether. The Center Consortium stated in the announcement:
"This allows developers to provide their own Gas Fee payment services or have them handled by third-party service providers. In other words, developers can help clients pay Gas Fees or allow users to pay Gas Fees in the form of USDC (users pay USDC to the intermediary, and the intermediary pays the Gas Fee)."
Furthermore, in addition to optimizing convenience, the new version has also been updated for security. The press release notes that USDC 2.0 introduces a new on-chain multi-signature contract and a new consensus mechanism, transforming off-chain manual processes into on-chain multi-signature operations.
USDC 2.0 Officially Launched
The new USDC smart contract and protocol improvements were launched yesterday. Circle and Coinbase will be the first to introduce USDC 2.0 in their respective products and services, and any wallet provider or third-party developer can utilize the public USDC smart contracts to integrate Gasless sending functionality.
On the other hand, Center Consortium also stated that the version update of USDC 2.0 is fully backward compatible and will not impact current wallets, exchanges, or applications integrated with USDC, nor will it have any impact on USDC holders.