Circle Launches USDC Stablecoin on Arbitrum Second-Tier Network, Replacing Ethereum Bridge Version

Circle, a member of the Center consortium, has scheduled the launch of the USDC stablecoin on the Arbitrum second-tier network on June 8th.

The solution will replace the currently used Ethereum-Arbitrum bridge.

It is assumed that over time “official” USDC “crowd out” in the context of liquidity its token lock version in the network of the second cryptocurrency in terms of capitalization.

To eliminate confusion, the “bridge” option will be renamed USDC.e.

Contributed by the Arbitrium Foundation for a smooth application ecosystem.

There will be no immediate changes to Arbitrum Bridge. The bridge will continue to operate normally.

The native USDC token for Arbitrum will provide several advantages:

  • Full fiat collateral and Circle’s 1:1 exchange commitment to USD;
  • fiat-to-crypto gateways for institutional investors through the company and partners;
  • upcoming support for the CCTP protocol to move stablecoins between blockchains to improve user experience.

“Transfers will go in minutes – no more delays with the withdrawal of funds”, – assured the Arbitrum Foundation.

CCTP is currently implemented for Ethereum and Avalanche.

When a transfer is requested, the protocol burns the amount of USDC specified by the user on the source network and releases the same amount of coins to the user’s wallet on the destination blockchain.

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Circle issues a stablecoin on several networks, including Algorand, Avalanche, Hedera, Solana, Cosmos. The company plans to integrate at least some of them into CCTP during 2023.

Recall that in January the company published the first annual report on the state and prospects of the USDC economy.

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2023-06-01 15:32:06
#Circle #Launch #USDC #Arbitrum #Network #ForkLog

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