Circle recently announced that a new version of USDC will be released on the Arbitrum network.
1/ Circle is launching USDC natively on @Arbitrum on June 8th!
Keep scrolling or read the blog to learn more about this launch and how to migrate liquidity from “bridged USDC” to native USDC. https://t.co/tbxSmUvXso
— Circle (@circle) June 1, 2023
Circle will replace the current version of Ethereum-based USDC bridged to Arbitrum with a native token running on the Arbitrum network.
This will be an official release of USDC in the Arbitrum ecosystem. It will eventually replace the existing USDC bridged from Ethereum.
Circle plans to rename the current version of USDC to “USDC.e” ahead of launch.
6/ Native USDC issued by Circle
– Token Name: USD Coin
– Token Symbol: USDC
– Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831— Circle (@circle) June 1, 2023
According to Circle, the goal is to speed up transactions using cross-chain transfer protocols (CCTPs).
CCTPs are protocols that manage transfers of assets between blockchains, allowing users to consolidate liquidity and support crypto assets.
“This will allow USDC to transfer locally to Ethereum within minutes,” the Arbitrum team said.
The current changes in USDC are seen as a precaution against the recent bad trend of the overall market for stablecoins.
Circle’s market share has also dropped significantly over the past year. According to CoinGecko data, USDC’s market cap has dropped from $55 billion to $29 billion.
One of those who broke the trend was USDT. Tether’s stablecoin has increased its market share from 47.04% to 65.89%.