Stellar’s USDC stablecoin to launch on Ethereum scaling solution Arbitrum to conquer billion dollar market
Stellar’s USDC stablecoin to launch on Ethereum scaling solution Arbitrum to conquer billion dollar market
- Circle has introduced an upgraded edition of its USDC stablecoin on the Arbitrum network.
- Users can transfer USDC across various blockchain networks with enhanced efficiency and dependability.
Circle, a prominent company in the digital currency industry, has introduced an upgraded edition of its USDC stablecoin on the Arbitrum network. Circle intends for this newly developed version of USDC, specifically tailored for the Arbitrum network, to replace the current USDC version linked to Ethereum.
The launch of the new native USDC on Arbitrum is expected to provide users and ecosystem partners with various benefits.
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
— Circle (@circle) June 1, 2023
Moreover, the forthcoming Cross Chain Transfer Protocol (CCTP) support will eliminate delays associated with bridge withdrawals, while the smart contract’s upgradeable nature will enable Circle to introduce future improvements.
In addition, Users can now transfer USDC across various blockchain networks with enhanced efficiency and dependability. Previously, individuals desiring to move USDC from Ethereum to other networks had to utilize a bridge, leading to potential delays and increased transaction fees.
However, with the integration of CCTP into the Arbitrum Bridge, users can directly transfer USDC between different networks, bypassing the need for a bridge altogether.
Circle’s Upcoming Launch of Native USDC on Arbitrum Network
Circle has recently disclosed its intentions to introduce a new native edition of its stablecoin, USD Coin (USDC), on the Arbitrum network, with a scheduled launch date of June 8. As part of the preparations, Circle plans to rename the current Ethereum-based variant of USDC as “USDC.e.”
1/ Hey Arbinauts!💙🧡@Circle is launching USDC natively on @Arbitrum on June 8th!
To learn more about this launch and how to migrate liquidity from “bridged USDC” to native USDC, please check out our blogpost 👉https://t.co/N89GIo6wPE
— Arbitrum (💙,🧡) (@arbitrum) June 1, 2023
As stated in a blog post, “This will be the official version of USDC that is recognized within the Arbitrum ecosystem and will ultimately replace the currently circulating bridged version of USDC that comes from Ethereum.”
Meanwhile, the renaming will designate the original version as “bridged USDC,” while the future version on Arbitrum will maintain the name “USDC.”
Additionally, as per the announcement, the network intends to collaborate with ecosystem applications to ensure a seamless transfer of liquidity from the bridged USDC to the native USDC gradually. It is worth noting that the Arbitrum Bridge will continue to function normally to bridge USDC to and from Ethereum without any immediate alterations.
3/ Benefits of Native USDC:
✅Fully reserved and always redeemable 1:1 for US dollars
✅Enables institutional on/off-ramps via Circle and other partners
✅Upcoming support by #CCTP to eliminate bridge withdrawal delays— Arbitrum (💙,🧡) (@arbitrum) June 1, 2023
The collaboration between Circle and Arbitrum yields substantial advantages for both entities. Circle stands to gain a fresh market opportunity and expand the reach and adoption of its stablecoin through the launch of native USDC on Arbitrum.
The rising prominence of decentralized finance (DeFi) and the surging demand for stablecoins create a favorable environment for this partnership. Experts anticipate substantial growth and adoption for USDC. As a result, fueling its success in the market.
Arbitrum also benefits significantly from introducing native USDC, as it serves as a vital element for their L2 scaling solution. Widely recognized and trusted stablecoins such as USDC simplify the development of decentralized applications (dApps) on the network, enabling developers to execute transactions with improved efficiency and dependability. This integration enhances the ecosystem and facilitates seamless interactions within the Arbitrum network.
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