Circle to launch ‘official version’ of USDC natively on Arbitrum
Circle recently announced plans for a June 8 launch of a new native version of its USD Coin (USDC) stablecoin on the Arbitrum network.
1/ Circle is launching USDC natively on @Arbitrum on June 8th! Keep scrolling or read the blog to learn more about this launch and how to migrate liquidity from “bridged USDC” to native USDC. https://t.co/tbxSmUvXso
According to a blog post, Circle will replace the existing version of USDC, an Ethereum-based token that’s been bridged to Arbitrum, with a native token that runs and resides on the Arbitrum network itself:
Ahead of the launch, Circle plans to rename the existing Ethereum-based version of USDC to “USDC.e.” The original version will be listed as “bridged USDC” and the new Arbitrum-based version will don the “USDC” mantle.
6/ Native USDC issued by Circle– Token Name: USD Coin– Token Symbol: USDC– Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831
The goal of this endeavor, according to Circle, is to speed up transactions through the use of cross-chain transfer protocols (CCTPs).
CCTPs are protocols that handle the transfer of assets between blockchains, allowing users to unify liquidity and support both crypto and Web3 assets across portfolios.
“This will enable USDC to move natively to-and-from Ethereum (and other supported chains) in minutes,” writes the Arbitrum team, adding “no more withdrawal delays.”
The changes to USDC comes as the overall market for stablecoins — cryptocurrencies such as USDC designed to trade at or close to the exact value of a fiat currency — has trended negatively for most companies in the space over the past 12 months.
Related: USDT market share jumps amid economic uncertainty, but USDC shrinks
Circle’s been no exception, as it saw its own
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