Last Updated on June 1, 2023 by Bitfinsider
Circle, a stablecoin issuer, announced on Thursday that it will launch USDC natively on Arbitrum, making it the official version in the Layer 2 ecosystem and displacing previously bridged liquidity.
Circle stated in a Twitter thread that the advantages of native USDC include new support to eradicate bridge withdrawal delays and the possibility of institutional on- and off-ramps. The introduction will be official on June 8.
The Ethereum-bridged variant of USDC on block explorers will now be known as “USDC.e,” according to Circle.
“Over time, the Arbitrum Foundation will collaborate with ecosystem applications to provide a seamless transition of liquidity from bridged USDC to native USDC,” said Circle. There will be no imminent changes to the Arbitrum Bridge, and it will continue to bridge USDC to and from Ethereum normally.
After the launch of native USDC, Circle intends to implement Cross-Chain Transfer Protocol on the Layer 2 network, according to a separate blog post from the Arbitrum Foundation.
“Upon integration into the Arbitrum Bridge, this will enable USDC to move natively to-and-from Ethereum (and other supported chains) in minutes — no more withdrawal delays,” the foundation explained.
Circle launched its Euro Coin stablecoin on the Avalanche network last month, making it the second blockchain to support the asset after its debut on Ethereum in December 2017.
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