Coinbase Launches USDC 2.0 To Tackle High Gas Fees

Vandana  |  Aug 28, 2020

Coinbase and Circle have recently launched USDC 2.0 which is an upgraded version of USDC dollar-pegged stablecoin. USDC 2.0 went live on the platform on August 27 which aims towards reducing the high gas fees. This will be done by allowing the developers to transfer it to other wallets. The developers can also take their fees in USDC also to tackle the high gas fees.

According to the official announcement by the firm, users will have to keep Ether in their wallets to make the transactions. It has been stated, “This complexity presents a barrier to mainstream adoption and broad usage of digital dollar stablecoins for internet payments.” 

USDC 2.0 will introduce “gasless sends”

The high gas fees will be tacked by USDC 2.0 as it will be introducing the “gasless sends” which will keep the complexities of gas fees away. With this feature, the users will be able to easily transfer the gas fees payment to other addresses. It is specified that the developers who are unable to pay the fees can also take the help of third-party services to reduce the burden. 

Coinbase has also done several security enhancements with the new coin which will also have a new set of on-chain multiple-signature contracts. USDC is currently having a market capitalization of $1.4 billion and an on-chain transaction volume of more than $90 billion.

Ethereum network fees started getting low

It is quite clear that the Ethereum network fees are at the highest level for around two years now. However, from the past two weeks, it has been seen that these fees seems to fall down a little. Bitinfocharts has claimed that the all-time high of $6.60 has fallen back to $2.50. Even though it fallen down, it is still at a very high rate as earlier it used to be around $0.15.

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