Circle stated on June 1 that it’s going to 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 of Arbitrum’s official model of USDC, in accordance with Circle.
The brand new token will launch on June 8, Circle stated.
New native USDC
The corporate famous that each 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 regularly 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 carry its Cross-Chain Transfer Protocol to Arbitrum, which can permit for quicker transfers between Arbitrum and Ethereum.
The announcement additionally stated that Arbitrum would work with apps in its ecosystem to make sure a simple transition of liquidity. It stated that there shall be “no fast change to the Arbitrum bridge” and that bridged USDC will proceed to work as typical.
USDC is on eight blockchains
USDC is presently obtainable 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 data.
Although Arbitrum serves as a layer 2 community and may gain advantage 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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