Circle, a stablecoin issuer, has announced the launch of USDC natively on the Arbitrum blockchain. The new version of USDC will be the official version of the stablecoin for the Arbitrum ecosystem and will gradually replace the Ethereum-bridged versions.
The launch is scheduled for June 8, 2023, and will bring users benefits such as cross-chain transfer protocol support and further institutional on and off-ramps. The Ethereum-bridged USDC will be renamed “USDC.e” and apps will need to take similar steps in their app UI and documentation.
The Arbitrum Foundation will work with ecosystem apps to ensure a smooth transition of liquidity from the bridged USDC to native USDC. However, there will be no immediate changes to the Arbitrum Bridge and it will continue to operate normally for bridging USDC to-and-from Ethereum.
Circle’s announcement comes shortly after the launch of its Euro Coin stablecoin on Avalanche. The company aims to provide multichain support for the euro-backed stablecoin.
