Bitcoin
$42,076.07-3.38%
Ethereum
$2,928.01-4.74%
XRP
$0.938545-1.78%
Cardano
$2.13-3.82%
Polkadot
$27.91-3.34%
Stellar
$0.267362-2.90%
Dogecoin
$0.201342-1.80%
Uniswap
$24.27+0.62%
Chainlink
$23.69-1.63%
Polygon
$1.09-3.18%
Algorand
$1.66-8.17%
Cosmos
$37.00-3.66%
Litecoin
$147.38-2.86%
Bitcoin Cash
$496.23-1.29%
Wrapped Bitcoin
$42,102.92-3.24%
The Graph
$0.659910-5.11%
Filecoin
$58.12-5.16%
Tron
$0.085868-3.29%
Ethereum Classic
$47.10+0.26%
Tezos
$6.13-3.12%
Aave
$272.25-6.65%
Monero
$235.75-1.86%
NEO
$37.64-2.92%
EOS
$3.86-2.64%
IOTA
$1.14-3.48%
BitTorrent
$0.003093-3.18%
Bitcoin SV
$130.10+1.03%
Waves
$24.42+2.04%
Maker
$2,341.98-1.74%
Dash
$156.90-2.27%
Decentraland
$0.657706-5.64%
Decred
$100.95-8.29%
ICON
$1.48-7.49%
OmiseGO
$9.51+6.69%
NEM
$0.141708-3.87%
Zcash
$106.96-4.01%
Paxos Standard
$1.00-0.00%
Yearn Finance
$29,397.15-2.41%
NuCypher
$0.269657-2.66%
Ren
$1.01-5.91%
Bitcoin Gold
$51.61-0.39%
Qtum
$9.26-3.92%
Basic Attention Token
$0.606000-4.85%
0x
$0.849375-6.79%
Fetch.ai
$0.726527-9.09%
Kava.io
$5.47-7.19%
Bancor
$3.41-3.21%
Band Protocol
$7.17-4.70%
Siacoin
$0.014206-4.64%
Nano
$4.32-2.71%
Loopring
$0.365013-2.68%
Numeraire
$42.82+0.30%
Storj
$1.02-7.32%
Civic
$0.410751-5.02%
Lisk
$2.70-3.19%
PAX Gold
$1,743.27-0.86%
Orchid
$0.304313-4.21%
Enzyme
$137.91-6.97%
Augur
$20.32-1.90%
Aragon
$4.37-5.46%
district0x
$0.143210-5.12%
Kyber Network
$1.39-5.19%
SingularDTV
$0.001200-1.23%
Tether
$1.00-0.02%
USD Coin
$1.00+0.00%
Dai
$1.00-0.05%

'Gasless' Technical Update Brings USDC One Step Closer to Venmo

Users do not have to pre-fund their USDC-bearing wallet with ether before every transaction, according to Centre.

Aug 27, 2020 at 6:22 p.m. UTC
Updated Sep 14, 2021 at 9:49 a.m. UTC

You can now send cryptodollars back and forth without paying a fee to the Ethereum network, according to the Centre Consortium in a Thursday blog post.

  • Dubbed USDC 2.0, USD Coin (USDC) has integrated what are called "meta transactions" natively to the dollar stablecoin platform. Now, users do not have to pre-fund their USDC-bearing wallets with ether (ETH) in order to send a transaction.
  • Meta transactions allow USDC wallets and compatible applications to act as virtual "gas stations" by paying the associated mining fee that accompanies every Ethereum blockchain transaction.
  • "This [update] enables people to fund their non-custodial wallets with USDC and start using DeFi/dapps without also having to own ETH," Coinbase developer Peter Jihoon Kim told CoinDesk.
  • The update is backwards-compatible, meaning old USDC clients can continue using the network without upgrading.
  • Centre also released a new on-chain signature schematic to help govern the project as new partners join the Coinbase– and Circle-founded project.
  • USDC is the second-largest stablecoin by market cap at $1.4 billion.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...