Circle's USDC stablecoin arrives on Arbitrum
Bitcoin and altcoins

Circle’s USDC stablecoin arrives on Arbitrum

Circle’s USDC stablecoin will appear on the L2 Arbitrum network from June 8, 2023.

This integration on the popular Layer 2 network is the result of Circle’s previous announcement that its dollar-backed stablecoin would be offered on new blockchains, including Arbitrum, during 2023.

USDC issued by Circle will be native on Arbitrum and will be 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 on Ethereum.

Circle also plans to deploy its cross-chain transfer protocol on Arbitrum, which currently has a total escrow value (TVL) of over $2.3 billion.

In parallel, Arbitrum will rename the Ethereum ‘bridged’ version of the USDC to “USDC.e” on blockchain explorers. This new integration will make USDC natively available on nine blockchains, including Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, Hedera and now Arbitrum.

Although USDC’s market cap has seen a decline this year in favor of Tether’s USDT, which recently hit a new all-time high, Circle recently launched EUROC, its euro-backed stablecoin, on Avalanche last week.

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

Join the discussion

  1. Pingback: Circle taps CFTC alumnus as General Counsel to bolster team - Trending Crypto News

  2. Pingback: Programmable Wallets : Circle revolutionizes the world of app developers - Trending Crypto News

Comments are now closed.
back to top