Just-In: Circle Announces Native USDC Launch On Arbitrum Network
Crypto News: In recent times, crypto industry titan Circle has been on a launch frenzy for its USDC stablecoin on a number of other blockchain networks. On Thursday, the stablecoin issuer announced that it is going to introduce USDC natively on the Arbitrum Layer 2 network, rendering it to be the official version of the ecosystem.
USDC Launches Natively On Arbitrum
Circle highlighted the numerous benefits of the native USDC launch, including the elimination of bridge withdrawal delays, an upgradeable smart contract for future enhancements, and the possibility for institutional on and off-ramps.
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In a thread on Twitter, Circle emphasized that the native USDC on Arbitrum will remain fully reserved and always redeemable 1:1 for US dollars, ensuring stability and trust in the digital asset. Additionally, according to the official statement released, the Arbitrum team was quoted as saying:
Ahead of the launch of native USDC on June 8th, Arbitrum will be renaming the Ethereum-bridged version of USDC on block explorers as “USDC.e”.
Circle’s Future Plans On Arbitrum
The introduction of native USDC on Arbitrum is set to revolutionize the Layer 2 ecosystem by improving liquidity and enabling faster, seamless cross-chain transfers. Circle further outlined its future plans to bring the Cross-Chain Transfer Protocol (CCTP) to Arbitrum, following the launch of native USDC. Once integrated into the Arbitrum Bridge, this protocol will allow the stablecoin to move natively to-and-from Ethereum and other supported chains within minutes, eliminating the frustrating withdrawal delays that have plagued many users.
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
Over the years, Circle has launched the native USDC on multiple networks including Ethereum, Avalanche, TRON, Algorand, Solana, Flow, Hedera and Stellar. As things currently stand, USDC’s price has maintained its stable peg, with its value staying consistent with the US Dollar. The official launch of native USDC on Arbitrum is slated to happen on June 8.
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