2023-06-02 17:01:14
The stablecoin issuer Circle announced that on June 8 natively launches USDC stablecoin on Arbitrum. This will permanently replace the “bridging” solution of stablecoin, which established a connection from Ethereum to Arbitrum. According to a statement released by Circle, Arbitrum will rename the USDC version of its Ethereum bridge to USDC.e ahead of next week’s native launch. Also emphasizedthat they also contact the applications operating in the ecosystem, so that they also implement the change in the user interface of the application.
Native USDC launch on Arbitrum speeds up transactions
According to expectations, the native USDC liquidity will sooner or later replace the “bridged” USDC liquidity from Ethereum. By the way, the native USDC launch has several advantages. With the help of the Cross-Chain Transfer Protocol (CCTP), it is possible to eliminate the allocation slippages that existed in the solution using the previous bridge. Regarding the liquidity migration, Circle confirmed that Arbitrum will work closely with the apps to enable the transition to native USDC. During this period, however, the Arbitrum Bridge will function as before, so you can move USDC to and from Ethereum.
In the near future, Circle expects to migrate CCTP to Arbitrum after the launch of native USDC. And if that happens, you can use the Arbitrum bridge to natively send USDC to Ethereum in minutes without any slippage. The recent developments come after Circle announced the availability of the CCTP mainnet just a month ago. Isn’t this what allows USDC to be moved around, burning on the source chain and creating on the destination chain? According to the plans, in the second half of 2023, CCTP can be transferred to additional chains.
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