Circle, issuer of two of the most popular stablecoins in the world, launches update 2.2 for USDC and EURC and will be completed in January 2024.
The new version includes 6 key changes of which the most interesting is signature validation directly from smart contract wallets using EIP-1271.
Going into more detail, the advantages are numerous, to name a few, transaction fees will be reduced by 7%, finally making them more convenient to use and more competitive with other stablecoins.
Greater transparency will be introduced on the reserves supporting stablecoins. More precisely, Circle will publish a new dashboard that will provide detailed information on its reserves (their composition, location and liquidity).
The security concept will be significantly enhanced thanks to the introduction of measures to combat the dangers arising from forks of EVM blockchains (users will be protected from malicious use of their funds on unofficial forks).
The last advantage will be scalability, i.e. the two stablecoins will be able to support a greater volume of transactions.
2023 was not very positive for USDC, we witnessed a strong decrease in supply and capitalization in favor of the growth of Tether's USDT.
Specifically, USDC has lost approximately $21.7 billion since January 1, 2023 while USDT has gained $16.4 billion.
Therefore this update could be a measure to counter the advance of USDT which has recently reached its historical highs in terms of capitalization.
If you liked the article, subscribe and leave a like to not miss the next updates
Here below some links if you'd like to support me:
Nexo and Nexo Card (Earn crypto at the highest rates, get 2% cashback on your purchases and receive 25$ when you register and deposit 100$)
https://nexo.com/ref/j6atsfddtw?src=android-link
Freecash (earn 20/100$ each month without cash investment)
https://freecash.com/r/Hello8
Cointiply (earn 20/100$ each month without cash investment)
https://cointiply.mobi/d7u2
