- Circle is launching native USD Coin on Arbitrum network.
- USDC will be available from June 8, 2023 onwards.
- This will open a new suite of benefits for users on the platform.
Circle, a leading digital currency company, is set to launch native USD Coin (USDC) on the Arbitrum network on June 8, 2023. This highly anticipated move will establish a dedicated version of USDC within the Arbitrum ecosystem, replacing the current bridged version that operates on the Ethereum blockchain.
The introduction of native USDC on Arbitrum brings a host of benefits to users. Firstly, it ensures that each USDC token is fully backed and redeemable on a one-to-one basis for US dollars, providing enhanced transparency and trust for investors. Additionally, the integration of institutional on/off-ramps through Circle and its partners enables seamless access to USDC for various financial entities.
To streamline the transition from the Ethereum-bridged USDC to the native version, Arbitrum will be renaming the existing token as “USDC.e” on block explorers. Furthermore, ecosystem applications will be encouraged to adopt this change in their user interfaces and documentation, promoting a consistent experience across the platform.
The migration of liquidity from the bridged USDC to the native version will be a gradual process. Arbitrum plans to collaborate closely with ecosystem apps to ensure a smooth transition over time. Importantly, the existing Arbitrum Bridge will continue to function normally for bridging USDC to and from Ethereum, with no immediate alterations.
Looking ahead, Circle has ambitious plans to introduce the Cross-Chain Transfer Protocol (CCTP) to Arbitrum following the launch of native USDC. This integration will enable rapid movement of USDC between Arbitrum, Ethereum, and other supported chains, significantly reducing withdrawal delays.
The arrival of native USDC on Arbitrum marks a significant milestone for the platform and the broader cryptocurrency community. Users can expect enhanced stability, increased efficiency, and expanded functionality as they leverage the benefits of this new implementation.
To learn more about this exciting development and seek clarification on any related queries, interested individuals are encouraged to engage with the Arbitrum and Circle communities via their respective Discord channels. As the June 8th launch date approaches, anticipation builds for the transformative impact of native USDC on the Arbitrum ecosystem.
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- Source: https://cryptonewsland.com/arbitrum-network-set-to-welcome-circles-usd-coin/
