New update for USD Coin: USDC 2.0 is here. Centre, a project founded by Circle and Coinbase, announced on Twitter that it has introduced important new features for the stablecoin.
USDC 2.0 is being released today bringing "gasless sends," improved security and administration. And it's 100% backward compatible. Today's release comes as USDC market cap hits 1.4 billion! https://t.co/Ab0eQGDXGY
— CENTRE (@centre_io) August 27, 2020
The announcement article begins 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.
Moreover, a few days ago Tether exceeded the volumes of Bitcoin and PayPal.
Important novelties in the USDC update
In any case, one of the major new features introduced by this update are the so-called gasless sends which allow developers to charge the cost of the transaction to a third party and thus transfer the cost from the user to a third party which can be the developer or the company itself.
At a time when Ethereum fees have crazy costs, it is certainly an interesting feature that makes USDC stand out from other stablecoins.
Stablecoins with the highest volumes are in fact on the Ethereum blockchain, but this has caused the network to become congested 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 new development for USDC 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 upgrades have led to USDC 2.0 and have been 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.