PANews reported on May 21 that according to The Block, Gnosis co-founder Martin Köppelmann launched the Circles v2 protocol, integrating components such as Metri Wallet, Safe, CoW Swap, and built on Gnosis Chain. The experimental project attempts to create a "community-owned currency", with each member automatically receiving 1 exclusive ERC-20 token every hour, with a daily output of 24 tokens. One of the main improvements of Circles v2 is the addition of GnosisPay, a non-custodial, Visa-backed card and crypto payment solution. V2 also introduces the concept of "Group", which is a collection of different Circles united under a common ERC-20, thereby improving substitutability.

Köppelmann said that Circles achieves decentralized currency issuance through a hard-coded allocation mechanism (rather than a Bitcoin-style supply cap), and its value depends on community consensus - it can be seen as an IOU or exchanged for physical objects. Users need to be "connected" to each other for tokens to have meaning, and this design is intended to solve the problem of centralization among early Bitcoin holders. Ethereum founder Vitalik Buterin once described the project as a "quasi-universal basic income experiment."