The CENTER consortium, which includes Circle and Coinbase, has launched an updated version of the USDC stablecoin with enhanced functionality.
As stated in the blog, USDC 2.0 allows services that support stablecoin to pay transaction processing fees on the Ethereum network instead of their clients.
Previously, 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 gas.
The blog says: “So developers can either provide this service themselves, or connect a third-party service that will cover fees”.
If necessary, the user can be charged an amount in USDC equivalent to the amount of the commission. The innovation is expected to 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. USDC 2.0 also adds multisignature contracts, including new consensus mechanisms, which will eliminate the procedures carried out by people outside the network in favor of processes on the blockchain. Circle and Coinbase have encouraged industry members to migrate to the new version of USDC.