• Circle announced that it will be launching the USDC stablecoin natively on Arbitrum on June 8, 2023.
• The move is intended to replace the bridged version of the stablecoin from Ethereum, which is currently in circulation.
• Benefits of the native USDC include upgradable smart contracts and Cross-Chain Transfer Protocol (CCTP) to eliminate bridge withdrawal delays.
Circle Launches Native USDC Stablecoin On Arbitrum
Circle has announced that it will launch the USDC stablecoin natively on Arbitrum on June 8th, 2023. This move will replace the current bridged version of the stablecoin from Ethereum, with native USDC liquidity being used instead.
Benefits Of Native USDC
The biggest advantage of having a native USDC on Arbitrum is that it will enable Cross-Chain Transfer Protocol (CCTP) to be brought into use, eliminating bridge withdrawal delays. Other benefits include upgradable smart contracts and introducing institutional on and off-ramps along with other improvements.
Arbitrum will collaborate with all ecosystem apps to ensure a smooth transition of liquidity from bridged USDC to native USDC during this period. The bridge itself will not undergo any changes; it will continue operating normally as it bridges between Ethereum and other chains.
Cross-Chain Transfer Protocol (CCTP)
Following the launch of native USDC, Circle aims to bring CCTP into play which would enable movement between different chains within minutes without any withdrawal delays. This has already been achieved following the mainnet availability announcement for CCTP last month by Circle.
In addition to providing faster transfers between different blockchains, Circle also hopes to introduce new features such as institutional on and off ramps in order to further improve their services for users in future updates.