Circle’s USDC stablecoin arrives on Arbitrum

L’USDC American crypto fintech Circle will be launched natively on the L2 network Arbitrum the June 8, 2023.

Whereas Circle announced last fall that its dollar-backed stablecoin would be offered on new blockchain networks including Arbitrum during 2023, theUSDC will soon be available on the popular layer2.

USDC issued by Circle will be native to Arbitrum and considered the official version of USDC for the Arbitrum ecosystem. Over time, native USDC liquidity will increase and replace the ‘bridged USDC’ liquidity currently in circulation that comes from Ethereum,” Circle explained on Twitter.

Following the launch, scheduled for June 8, 2023Circle also plans to deploy its cross-chain transfer protocol on the Layer 2 solution, whose TVL today exceeds $2.3 billion, according to Defillama data.

On his side, Arbitrum will rename the Ethereum ‘bridged’ version of USDC on blockchain explorers to ” USDC.e “.

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“Arbitrum will work with the ecosystem’s applications to ensure a seamless smooth transition of liquidity from USDC bridged to USDC native over time,” the foundation said in a blog post.

USDC will now be offered natively on 9 blockchains with Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, Hedera and therefore Arbitrum. The digital coin’s market cap has largely receded this year in favor of Tether’s USDT market cap, which recently reached a new ATH.

Last week, Circle launched EUROC, its euro-backed stablecoin, on Avalanche.

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