Circle's USDC Stablecoin to Launch Natively on Base Network, Eliminating the Need for Bridging via Ethereum
Summary:
Circle's USDC stablecoin is set to launch on the Base network next week, replacing the current US Dollar Base Coin (USDbC). This move will eliminate the need for bridging via Ethereum and allow users to redeem their USDbC for native USDC. The Base network has gained over 136,000 active users since its launch, and it plans to govern the upcoming "Superchain" while sharing revenue.
Circle's USDC stablecoin will be launched on the Base network next week, replacing the current US Dollar Base Coin that users currently rely on. This move aims to eliminate the need for a bridged coin backed by the Ethereum version. Users previously had to bridge USDC from Ethereum via an official app on the Base network. The token issued by the bridge is called USDbC, backed by native USDC locked on the Ethereum network. Circle will deploy the contract for the new USDC token on Base, allowing users to redeem their current USDbC for native USDC. The Base team will also collaborate with ecosystem apps to facilitate a smooth transition to liquidity provision for the new coin. The official launch date for the native USDC has not been announced yet. Since its launch on August 9, the Base network has gained over 136,000 active users. Base also plans to govern the upcoming "Superchain" alongside Optimism and other networks, as well as share its revenue.
Published At
8/29/2023 7:10:29 PM
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