• Circle has announced that it will be launching the USDC stablecoin natively on Arbitrum on June 8, 2023.
• The native version of USDC will eventually replace the bridged version from Ethereum which is currently in circulation.
• The launch of native USDC on Arbitrum will bring Cross-Chain Transfer Protocol (CCTP) to the layer-2 network, offering faster withdrawals and other benefits such as upgradable smart contracts.

Circle To Launch Native USDC Stablecoin On Arbitrum

Circle has announced that it will be launching its stablecoin, USDC, natively on Arbitrum on June 8th, 2023. The move will replace the current bridged version of the stablecoin from Ethereum with a native token recognized throughout the Arbitrum ecosystem.

Benefits Of Native USDC

The biggest advantage of having a native version of USDC is bringing Cross-Chain Transfer Protocol (CCTP) to Arbitrum, eliminating bridge withdrawal delays. Other benefits include upgradable smart contracts and introducing institutional on and off-ramps with improvements. It would also allow Circle to conduct future enhancements to the contract.

Circle’s Outreach To Other Apps

In order for this transition to happen smoothly, Circle has stated that it will reach out to other apps in the ecosystem and ask them to make changes in their documentation and application UI ahead of launch day. This includes renaming Ethereum-bridged versions of USDC as “USDC.e” before transitioning them over completely to native versions instead.

Liquidity Migration Plan

Arbitrum also plans to collaborate with all ecosystem apps during this period in order ensure a smooth transition from bridged liquidity over to native liquidity when it comes time for launch day. As part of their agreement, they have promised that there won’t be any immediate changes made while moving from one platform over onto another; bridges between networks like Ethereum and Arbitrum are still expected to operate normally throughout this entire process.

Future Plans With CCTP

Following the launch of the native USDC stablecoin on Arbitrum, Circle hopes to bring Cross-Chain Transfer Protocol (CCTP) into play as well; this would allow users to transfer tokens across multiple blockchains within minutes without any delays or set backs occurring along the way.

Von admin