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News

USDC On zkSync Will Launch Soon to Expand DeFi Liquidity

March 28, 2024 - Around 2 mins mins to read

Key Points:

  • Circle plans to launch native USDC on zkSync to enhance liquidity and streamline transactions, gradually replacing bridged USDC from Ethereum.
  • Ethereum-bridged USDC will be renamed USDC.e on zkSync, with updates to block explorers and ecosystem apps, facilitating a smooth transition for DEXs and dApps.
  • Circle ceases USDC support on TRON amidst allegations of USDT involvement in terrorist financing while expanding USDC’s presence on Solana and other EVM-compatible systems.
Circle has revealed plans to launch native USDC on zkSync network, aiming to bolster liquidity and streamline transactions.
USDC On zkSync Will Launch Soon to Expand DeFi Liquidity

Circle Expands Native USDC on zkSync for Enhanced Liquidity

The move will gradually replace the bridged USDC currently circulating through the zkSync Era Bridge from Ethereum.

To facilitate the transition, Ethereum-bridged USDC will be renamed USDC.e on block explorers like zkSync Era Block Explorer, with corresponding updates to ecosystem apps. zkSync will ensure a smooth liquidity transition from USDC.e to native USDC for decentralized exchanges (DEXs) and decentralized applications (dApps).

Developers can start integrating projects by accessing testnet USDC on zkSync Era Sepolia through Circle’s Testnet Faucet. This expansion follows Circle’s recent deployment of its Cross-Chain Transfer Protocol (CCTP) within the Solana blockchain ecosystem. With CCTP, developers can seamlessly swap USDC tokens across Ethereum, Solana, and other EVM-compatible systems.

Circle Halts USDC Support on TRON Amidst Allegations

However, Circle has ceased support for USDC on the TRON blockchain amidst mounting allegations against USDT and Tron. According to a TRM report, USDT on Tron has been implicated in terrorist financing, with TRM noting its prevalence among entities involved in such activities in 2023.

Circle’s move to bolster USDC’s presence on zkSync aligns with its broader strategy to extend its stablecoin’s utility across multiple blockchain platforms while responding to concerns over certain networks’ compliance and security issues.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Circle

Ethereum

TRON

USDC

USDC.e

Zksync

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

USDC On zkSync Will Launch Soon to Expand DeFi Liquidity

Key Points:

  • Circle plans to launch native USDC on zkSync to enhance liquidity and streamline transactions, gradually replacing bridged USDC from Ethereum.
  • Ethereum-bridged USDC will be renamed USDC.e on zkSync, with updates to block explorers and ecosystem apps, facilitating a smooth transition for DEXs and dApps.
  • Circle ceases USDC support on TRON amidst allegations of USDT involvement in terrorist financing while expanding USDC’s presence on Solana and other EVM-compatible systems.
Circle has revealed plans to launch native USDC on zkSync network, aiming to bolster liquidity and streamline transactions.
USDC On zkSync Will Launch Soon to Expand DeFi Liquidity

Circle Expands Native USDC on zkSync for Enhanced Liquidity

The move will gradually replace the bridged USDC currently circulating through the zkSync Era Bridge from Ethereum.

To facilitate the transition, Ethereum-bridged USDC will be renamed USDC.e on block explorers like zkSync Era Block Explorer, with corresponding updates to ecosystem apps. zkSync will ensure a smooth liquidity transition from USDC.e to native USDC for decentralized exchanges (DEXs) and decentralized applications (dApps).

Developers can start integrating projects by accessing testnet USDC on zkSync Era Sepolia through Circle’s Testnet Faucet. This expansion follows Circle’s recent deployment of its Cross-Chain Transfer Protocol (CCTP) within the Solana blockchain ecosystem. With CCTP, developers can seamlessly swap USDC tokens across Ethereum, Solana, and other EVM-compatible systems.

Circle Halts USDC Support on TRON Amidst Allegations

However, Circle has ceased support for USDC on the TRON blockchain amidst mounting allegations against USDT and Tron. According to a TRM report, USDT on Tron has been implicated in terrorist financing, with TRM noting its prevalence among entities involved in such activities in 2023.

Circle’s move to bolster USDC’s presence on zkSync aligns with its broader strategy to extend its stablecoin’s utility across multiple blockchain platforms while responding to concerns over certain networks’ compliance and security issues.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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