the circle said June 1 We announced that we will soon be launching a native version of the USD Coin (USDC) stablecoin on the Arbitrum blockchain.
According to Circle, the new version of USDC is “Arbitrum native,” adding that the asset is considered Arbitrum’s official version of USDC.
According to Circle, the new token will be launched on June 8th.
New Native USDC
The company noted that all USDC on Arbitrum is now bridged from Ethereum. The old Ethereum bridge version will be marked as USDC.e on the Arbitrum block explorer and will gradually be replaced by the new native version of USDC.
New native tokens offer advantages regarding redemption, on/off ramps and future upgrades. Circle said it plans to introduce a cross-chain transfer protocol to Arbitrum, which will enable high-speed transfers between Arbitrum and Ethereum.
The announcement also states that Arbitrum will work with apps within its ecosystem to ensure a direct transfer of liquidity. The report said there were “no immediate changes to the arbitration bridge” and that the bridged USDC would continue to function as normal.
USDC is on 8 blockchains
USDC is currently available on Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow and Hedera. USDC appears to be mostly on Ethereum, holding $27 billion of the $29 billion market cap of stablecoins, according to Reuters. Block explorer data.
Arbitrum functions as a Layer 2 network and could benefit from the success of Ethereum, but Arbitrum currently includes relatively few Ethereum-bridged USDCs.
About $1.1 billion USDC is currently bridged. About Arbitrum.
A Circle post launching USDC natively on Arbitrum first appeared on CryptoSlate.
