Coinbase and Circle unveil USDC 2.0 with gasless ETH transfers

The Centre consortium, which includes Coinbase and Circle, unveiled a new version of the stablecoin USDC that can be used without paying gas in ETH.

✨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/3We7tPWHbY

— Circle (@circlepay) August 27, 2020

To conduct transactions with any token on the Ethereum blockchain, the sender must pay a fee in ETH. USDC 2.0 enables transfers that bypass this barrier.

Wallet and infrastructure providers for USDC can now pay fees on behalf of users or settle them in the stablecoin.

Centre noted that the need to top up wallets with ETH to conduct transactions creates a barrier to broad adoption of stablecoins.

USDC 2.0 also adds new multi-signature contracts. Thanks to them, governance of the project will be on-chain.

The upgrade is compatible with the first version of USDC.

In late July Circle announced the development of DeFi products based on USDC.

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