Circle stated on June 1 that it’ll quickly launch a local model of its USD Coin (USDC) stablecoin on the Arbitrum blockchain.
The brand new model of USDC shall be “native to Arbitrum” and added that this asset shall be thought-about Arbitrum’s official model of USDC, in line with Circle.
The brand new token will launch on June 8, Circle stated.
New native USDC
The corporate famous that every one USDC on Arbitrum is presently bridged from Ethereum. The older Ethereum-bridged model shall be marked USDC.e on Arbitrum block explorers and can step by step get replaced by the brand new native model of USDC.
The brand new native token will present advantages round redeemability, on/off-ramps, and future upgrades. Circle stated that it plans to convey its Cross-Chain Switch Protocol to Arbitrum, which can enable for quicker transfers between Arbitrum and Ethereum.
The announcement additionally stated that Arbitrum would work with apps in its ecosystem to make sure an easy transition of liquidity. It stated that there shall be “no rapid change to the Arbitrum bridge” and that bridged USDC will proceed to work as standard.
USDC is on eight blockchains
USDC is presently accessible on Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Move, and Hedera. The overwhelming majority of USDC seems to be on Ethereum, which holds $27 billion of the stablecoin’s $29 billion market cap, primarily based on block explorer information.
Although Arbitrum serves as a layer 2 community and may benefit from Ethereum’s success, Arbitrum incorporates comparatively little Ethereum-bridged USDC at current.
Roughly $1.1 billion of bridged USDC is presently on Arbitrum.
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