2023-06-08
USDC to Come Natively to Arbitrum | by Arbitrum | Jun, 2023 | Medium
Circle, USDC stablecoin issuer deploys USDC on Arbitrum Network on June 8. From now on USDC will have market share from Arbitrum’s $2.2 billion total value locked.
In a statement released on June 1, Arbitrum Foundation said that USDC issued by Circle is to be native to Arbitrum. Official announcement from Arbitrum stated that Circle will be launching native USDC on the Arbitrum Network.
“USDC issued
by Circle will be native to Arbitrum. This will be the official version of USDC
that is recognized within the Arbitrum ecosystem, and will ultimately replace
the currently circulating bridged version of USDC that comes from Ethereum.”
Netxt phase, Circle is planning to bring cross-chain bridge between Ethereum and Arbitrum that can process the bridge within minutes.
"Circle expects to bring Cross-Chain Transfer Protocol (#CCTP) to Arbitrum after the launch of native USDC. 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 dalays."
USDC is the second largest stablecoin. It has the market cap of $28.5 billion. While, Arbitrum is a blockchain network that runs as a layer 2 Ethereum scaling solution. It has $2.2 billion TVL. Arbitrum is one of the biggest opportunity from USDC to increase its market share.
