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Circle mentioned 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 will likely be “native to Arbitrum” and added that this asset will likely be thought-about Arbitrum’s official model of USDC, in line with Circle.
The brand new token will launch on June 8, Circle mentioned.
New native USDC
The corporate famous that every one USDC on Arbitrum is at present bridged from Ethereum. The older Ethereum-bridged model will likely be marked USDC.e on Arbitrum block explorers and can steadily 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 mentioned that it plans to convey its Cross-Chain Switch Protocol to Arbitrum, which is able to permit for sooner transfers between Arbitrum and Ethereum.
The announcement additionally mentioned that Arbitrum would work with apps in its ecosystem to make sure an easy transition of liquidity. It mentioned that there will likely be “no fast change to the Arbitrum bridge” and that bridged USDC will proceed to work as regular.
USDC is on eight blockchains
USDC is at present obtainable on Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Stream, 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 information.
Although Arbitrum serves as a layer 2 community and may benefit from Ethereum’s success, Arbitrum accommodates comparatively little Ethereum-bridged USDC at current.
Roughly $1.1 billion of bridged USDC is at present on Arbitrum.
The submit Circle to launch USDC natively on Arbitrum appeared first on CryptoSlate.
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