Circle Launches Native USDC Stablecoin on Arbitrum, Benefits Abound
• Circle announced that it will launch the USDC stablecoin natively on Arbitrum on June 8, 2023 to replace the bridged version of the currency.
• The native USDC will bring Cross-Chain Transfer Protocol (CCTP) to Arbitrum, allowing for faster transfers and upgradable smart contracts.
• The transition of liquidity from bridged USDC to native USDC will be smooth due to collaboration with all ecosystem apps.
Circle Launches Native USDC Stablecoin On Arbitrum
Circle has announced that it will be launching the USDC stablecoin natively on Arbitrum on June 8th, 2023. This move replaces the bridged version of the stablecoin from Ethereum, which is currently in circulation.
Benefits Of Native USDC
The biggest advantage of having a native version of USDC on Arbitrum is that it would bring Cross-Chain Transfer Protocol (CCTP) to the network, eliminating bridge withdrawal delays. Other benefits include upgradable smart contracts and more opportunities for institutional on and off ramps.
Arbitrum has collaborated with other apps in its ecosystem to ensure a smooth transition of liquidity from bridged USDC to native USDC. During this period, the Arbitrum Bridge will continue operating normally and bridge USDCs between Ethereum and other chains as usual.
Cross-Chain Transfer Protocol (CCTP)
Following the launch of the native USDC stablecoin, Circle hopes to bring CCTP to Arbitrum which would allow for fast transfers both ways across different chains within minutes. This would eliminate withdrawal delays associated with current bridging methods.
Circle plans to make improvements such as introducing institutional on and off-ramps along with other enhancements following launch of their native USDC stablecoin on Arbitrum layer 2 network.