USDC to launch on Arbitrum natively.
Circle has recently announced that they will be launching a new native version of their stablecoin, USD Coin (USDC), on the Arbitrum network on June 8th. The existing Ethereum-based version of USDC, which has been bridged to Arbitrum, will be replaced with a native token that runs and resides on the Arbitrum network. Circle plans to rename the existing Ethereum-based version of USDC to “USDC.e” and the original version will be listed as “bridged USDC,” while the new Arbitrum-based version will be known as “USDC.”
The goal of this move is to speed up transactions through the use of cross-chain transfer protocols (CCTPs), which handle the transfer of assets between blockchains, allowing users to unify liquidity and support both crypto and Web3 assets across portfolios. The changes to USDC come amid a negative trend for most companies in the stablecoin market over the past year, including Circle, which has seen its market share decline significantly. Tether’s USDT stablecoin, however, has been an outlier, with its market share rising from 47.04% in 2022 to 65.89% in 2023.
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
6/ Native USDC issued by Circle – Token Name: USD Coin – Token Symbol: USDC – Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831
— Circle (@circle) June 1, 2023
Related: USDT market share jumps amid economic uncertainty, but USDC shrinks
