Circle has introduced its v2.2 upgrade for USDC and EURC stablecoins, featuring significant enhancements.

Among the highlights of the changes include a 7% reduction in transaction fees and improved support for account abstraction, boosting security on EVM blockchains.

The announcement of the v2.2 upgrade has been made by Circle on November 9 through X, expressing excitement about the improvements introduced to USDC and EURC.

The company outlined six crucial modifications to the smart contracts for USDC and EURC, integrated into a single v2.2 update for each supported EVM blockchain. Importantly, the update is fully backward-compatible, does not introduce disruptive changes to existing integrations, and requires no action from developers or users.

The enhancements also comes with capabilities for signature validations from smart contract wallets, refined blocklist checks, increased resilience against forks, the elimination of blocklist checks from functions not involving fund movement, skipping timestamp checks when deadlines are set to the maximum amount, and a one-time symbol rename for EURC from EUROC.

The update marks the first significant upgrade since early 2021 for USDC, and happened amid prior reports from Bloomberg concerning Circle's potential initial public offering (IPO).

The report from November 7, citing sources familiar with the matter, mentioned discussions between the stablecoin issuer and its advisers on a potential public listing.

On the other hand, there is no assurance that these discussions will materialise into an IPO. Circle had previously agreed to go public in a $US4.5 billion merger with Concord Acquisition in July 2021, but the deal fell through.

Representatives from Circle have refrained from providing details, stating, “We don’t comment on rumors.”