Circle's USDC Stablecoin Expands to Base and Optimism Networks, Driving Adoption Amidst Competition
Summary:
Circle's USDC stablecoin has launched on Base and Optimism networks, allowing users to send USDC from their accounts. Coinbase has also enabled USDC transfers to Base. Circle is working on a system to swap old versions of USDC for new ones. The official launch has occurred, but some decentralized exchanges still use the old version. USDC has been launched on Optimism as well. Circle faces competition from Tether, First Digital USD, Binance stablecoin, and PYUSD by PayPal.
Circle's USDC stablecoin has been launched on both Base and Optimism networks, enabling Circle account holders to send USDC from their accounts to either Base or Optimism. Coinbase has also introduced USDC transfers to Base. Circle is collaborating with ecosystem partners to develop a system for users to swap old bridged versions of USDC for the new official versions. Coinbase's Base network was introduced on August 9, but initially, USDC could not be sent to the Base network from exchange accounts. Circle account holders also faced the same restriction. Instead, Base users relied on a bridged version called "USDbC" for U.S. dollar transactions. On August 29, Circle CEO Jeremy Allaire announced that a native version of USDC on Base would be available the following week. On September 5, it was confirmed that the coin was now available natively on Base, and Coinbase's interface began showing the option to transfer USDC to Base. However, several decentralized exchanges on the network are still using the old version of the coin. Similarly, USDC has also been launched on Optimism, replacing the previous USDC.e token on the network. Nevertheless, Optimism DEXs are yet to integrate with the new version. Circle has been making efforts to recapture market share after losing ground to Tether earlier in the year. However, the stablecoin market has become more competitive with the launch of two new stablecoins over the summer, including First Digital USD in June and the promotion of Binance's stablecoin in August. Additionally, PayPal introduced its PYUSD stablecoin on August 7.
Published At
9/5/2023 4:39:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.