Circle Is Launching USDC Natively On Arbitrum On June 8
- Circle said that it would deploy USDC natively on Arbitrum, making it the official version in the Layer 2 ecosystem and replacing previously bridged liquidity.
- Native USDC offers new assistance to reduce bridge withdrawal delays, as well as the potential of institutional on and off-ramps.
- With the deployment of native USDC, Circle intends to add Cross-Chain Transfer Protocol to the Layer 2 network.
Circle, the stablecoin issuer, said that on June 8, 2023, it would deploy native USDC on Arbitrum, which will become the official version of USDC acknowledged inside the Arbitrum ecosystem and will ultimately replace the bridge version of USDC from Ether that is presently in circulation.
Moreover, prior to the June 8 introduction of native USDC, Arbitrum will rename the Ethereum-bridged version of USDC on block explorers as “USDC.e.”
Circle noted in a Twitter thread that the advantages of native USDC include additional assistance to remove bridge withdrawal delays and the potential of institutional on and off-ramps.
Arbitrum Bridge will not change immediately and will continue to bridge USDC to and from Ethereum as usual.
“Arbitrum Foundation will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time. There will be no immediate changes to the Arbitrum Bridge & it will continue to operate normally for bridging USDC to-&-from Ethereum,” Circle said.
With the deployment of native USDC, Circle intends to introduce Cross-Chain Transfer Protocol (CCTP) to Arbitrum. USDC will be able to travel natively to and from Ethereum (and other compatible chains) in minutes once integrated into the Arbitrum Bridge.
Circle has launched its Euro Coin stablecoin on the Avalanche network, making it the second blockchain to hold the asset after Ethereum. According to the stablecoin issuer, this move is part of their Euro Coin multi-chain strategy. It also said that the availability of Euro coins on Avalanche might increase liquidity and allow users to convert euros in addition to USDC.
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