Circle Integrates zkSync for USD Coin
Jessie A Ellis Apr 11, 2024 05:13
Circle has integrated Ethereum's zero-knowledge layer-2 solution zkSync into its native stablecoin, USD Coin, enhancing transaction processing speed and preserving Ethereum's foundational values, thereby expanding its availability in the Ethereum layer-2 ecosystem.
Circle, one of the largest stablecoin producers, has expanded its support for Ethereum's layer-2 solution zkSync to include its own stablecoin, USD Coin (USDC). This integration expands the possibilities for Ethereum developers and users, letting them to benefit from zkSync's zero-knowledge proofs and rollup technology.
Increasing the Reach of USD Coin
With the inclusion of zkSync, USDC is now available on 16 blockchains, including Ethereum, Solana, Base, Arbitrum, and more. This extension allows developers to build on a stable foundation provided by Circle, assuring the reliability and sustainability of their apps and services.
Leveraging zkSync's technology
zkSync uses zero-knowledge proofs and rollups to execute transactions on layer 2 of the Ethereum network with record speed and low cost. Zero-knowledge proofs enable the evaluation of transaction integrity without disclosing the underlying data, guaranteeing privacy and security. Rollups combine many transactions from the Ethereum core layer into a single transaction, which increases scalability and lowers costs.
The integration of zkSync with USDC offers a number of advantages for organisations and developers:
1. Quick and low-cost transactions
Using zkSync's unique data compression mechanism, developers may enjoy low-cost transactions on the Ethereum network. This scaling solution greatly decreases petrol expenses and increases transaction throughput, making it more affordable to both individuals and companies.
2. Improved security and privacy.
zkSync's zero-knowledge proofs give cryptographic assurances of transaction validity, assuring the transaction's integrity. This increased security feature is critical for banking apps and DeFi protocols, where trust and privacy are essential.
3. Native Account Abstraction
Developers may use zkSync's built-in account abstraction to perform social wallet recovery, subscription payments, and network fee payments in USDC. This functionality improves user experiences and broadens the use cases for USDC in the Ethereum ecosystem.
Growing the zkSync ecosystem
As of April 9, 2024, the zkSync ecosystem has over 180 decentralised apps and 5.7 million unique active wallet addresses over the previous 30 days. This rising development and user community illustrates that layer-2 solutions like zkSync are becoming more popular and in demand.
Circle's commitment to Ethereum's future
Circle's integration of zkSync with USDC is consistent with its aim of increasing Ethereum's throughput while maintaining its core ideals of freedom, self-sovereignty, and decentralisation at scale. Circle aspires to foster innovation and development within the Ethereum ecosystem by offering access to a reliable and scalable infrastructure for developers and companies alike.
Conclusion
Circle's adoption of zkSync to its native stablecoin, USD Coin, is another key step towards the establishment of the Ethereum layer-2 ecosystem. zkSync's zero-knowledge proofs and rollup technologies provide developers with a strong platform for rapid, low-cost transactions and better security. This integration underlines Circle's commitment to Ethereum's future and its objective of boosting scalability while maintaining the network's essential principles.
