USDC StableCoin is native to the Layer 2 scaling solution arbitrum
USDC StableCoin is native to the Layer 2 scaling solution arbitrum
The StableCoin emittent Circle announced the native introduction of USDC to Arbitrum on June 8. The latest step will replace the Bridge version of the stable coin from Ethereum.
USDC will be native to arbitrum
In a statement published by Circle, it says that Arbitrum will rename the Ethereum-bridged version of USDC to block explorers to "USDC.E" before the start next week. The FinTech company also said that it would contact ecosystem apps to make the same change in the user interface and documentation of your apps.
"The USDC issued by Circle will originally come from Arbitrum and are the official version of USDC for the Arbitrum ecosystem. Over time, the native USDC liquidity will grow and the currently circulating" bridged USDC "liquidity, which comes from Ethereum."
Circle emphasized several advantages of native USDC introduction in the popular Layer 2 network. Therefore, the upcoming support from Cross-Chain Transfer Protocol (CCTP) will probably eliminate delays when lifting the bridge. Further advantages are an expandable smart contract for future improvements by the fintech company and the possibility of institutional inlets and exits.
In relation to liquidity migration, Circle insured that Arbitrum will work with ecosystem apps to ensure a smooth transition from the liquidity of bridged USDC over time. During this time there will be no direct changes to the Arbitrum Bridge and it will continue to work normally for the bridging of USDC and from Ethereum.
roadmap
For the future, Circle assumes that CCTP is brought to Arbitrum after the introduction of native USDC. It is expected that the integration into the Arbitrum Bridge will enable stablecoin to change within minutes natively from and to Ethereum (and other supported chains) without delays in the payment.
The latest development takes place one month after the USDC issuer has announced the Minain availability of cross-.
Circle also announced his plans to extend CCTP to further chains in the second half of 2023.
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