1 year ago
USDC stablecoin developer Circle volition regenerate the existent mentation of its token with 1 moving natively connected the Arbitrum network.
Circle precocious announced plans for a June 8 motorboat of a caller autochthonal mentation of its USD Coin (USDC) stablecoin connected the Arbitrum network.
1/ Circle is launching USDC natively connected @Arbitrum connected June 8th!
Keep scrolling oregon work the blog to larn much astir this motorboat and however to migrate liquidity from “bridged USDC” to autochthonal USDC. https://t.co/tbxSmUvXso
According to a blog post, Circle volition regenerate the existing mentation of USDC, an Ethereum-based token that’s been bridged to Arbitrum, with a autochthonal token that runs and resides connected the Arbitrum web itself:
“This volition beryllium the authoritative mentation of USDC that is recognized wrong the Arbitrum ecosystem and volition yet regenerate the presently circulating bridged mentation of USDC that comes from Ethereum.”Ahead of the launch, Circle plans to rename the existing Ethereum-based mentation of USDC to “USDC.e.” The archetypal mentation volition beryllium listed arsenic “bridged USDC” and the caller Arbitrum-based mentation volition don the “USDC” mantle.
6/ Native USDC issued by Circle
– Token Name: USD Coin
– Token Symbol: USDC
– Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831
The extremity of this endeavor, according to Circle, is to velocity up transactions done the usage of cross-chain transportation protocols (CCTPs).
CCTPs are protocols that grip the transportation of assets betwixt blockchains, allowing users to unify liquidity and enactment some crypto and Web3 assets crossed portfolios.
“This volition alteration USDC to determination natively to-and-from Ethereum (and different supported chains) successful minutes,” writes the Arbitrum team, adding “no much withdrawal delays.”
The changes to USDC comes arsenic the wide marketplace for stablecoins — cryptocurrencies specified arsenic USDC designed to commercialized astatine oregon adjacent to the nonstop worth of a fiat currency — has trended negatively for astir companies successful the abstraction implicit the past 12 months.
Related: USDT marketplace stock jumps amid economical uncertainty, but USDC shrinks
Circle’s been nary exception, arsenic it saw its ain marketplace stock diminution importantly implicit the past 12 months. USDC's marketplace capitalization has shrunk from $55 cardinal to $29 cardinal implicit that period, according to Coingecko data.
One of the fewer outliers bucking the inclination appears to beryllium Tether, whose USDT stablecoin roseate from a marketplace stock of 47.04% successful 2022 to 65.89% successful 2023, bringing its marketplace capitalization to conscionable implicit $83 billion.
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