There is no word on what features, fixes, or updates might be included in the updated firmware, and Apple does not provide release notes for Apple Pencil software releases.
The USB-C Apple Pencil is almost identical in design to the Apple Pencil 2, but it is shorter and has a hidden USB-C port for charging and pairing. It is not able to wirelessly charge, and it lacks some of the features available with the more expensive Apple Pencil models such as pressure sensitivity.
Apple does not have an established procedure for updating Apple Pencil hardware, but in the case of the USB-C Apple Pencil, connecting it to an iPad with a USB-C cable and powering on the iPad should be enough to spur the new software to download.