Circle, a leading global firm, is set to launch the native version of USD Coin (USDC) on the Arbitrum network on June 8, 2023. This highly anticipated launch will bring several benefits, including enhanced liquidity and faster transactions, to the growing Arbitrum ecosystem.
The native USDC on Arbitrum, issued by Circle, will serve as the official version of the stablecoin within the Arbitrum ecosystem. It will replace the current bridged version of USDC, which operates on the Ethereum network. Native USDC is designed to be fully reserved and always redeemable on a 1:1 basis for US dollars.
In preparation for the launch of native USDC on June 8th, Arbitrum will rebrand the Ethereum-bridged version of USDC on block explorers as “USDC.e.” Additionally, ecosystem apps will be notified to make the necessary changes in their user interfaces.
Bridged USDC from Ethereum:
– Token Name: Bridged USDC
– Token Symbol: USDC.e
– Token Address: 0xff970a61a04b1ca14834a43f5de4533ebddb5cc8
Arbitrum is actively collaborating with ecosystem apps to facilitate a smooth transition of liquidity from bridged USDC to native USDC over time. This migration process aims to minimize disruptions for users and ensure the seamless operation of the Arbitrum Bridge. Currently, there are no immediate changes to the bridge, and users can continue bridging USDC to and from Ethereum as usual.
Following the launch of native USDC, Circle plans to introduce the Cross-Chain Transfer Protocol (CCTP) to Arbitrum. Integrating CCTP into the Arbitrum Bridge will enable near-instantaneous transfers of USDC between Ethereum