Circle, the company behind USDC, has brought its native stablecoin to Arbitrum, Ethereum’s leading layer 2 scaling solution. This development makes Arbitrum the ninth blockchain to support USDC, according to an official announcement from Circle.
The integration of USDC on Arbitrum allows businesses leveraging Circle to conveniently swap USDC tokens across supported chains, eliminating the expenses and time delays often associated with bridging transactions. This functionality opens up new possibilities for seamless and efficient token transfers.
In light of a recent bug in Arbitrum’s Sequencer software that temporarily halted on-chain transaction verification, Circle’s introduction of USDC on the Arbitrum network comes as a welcome addition.
Developers, businesses, and users can now access Arbitrum USDC and take advantage of the faster settlement times and lower costs offered by the Arbitrum network, as stated in the announcement.
Arbitrum, one of Ethereum’s layer 2 scaling solutions, boasts a total value locked (TVL) of $2.2 billion. It leverages Optimistic Rollup technology to enhance transaction throughput for decentralized applications while preserving the security features of the Ethereum blockchain.
Circle’s deployment of native USDC on Arbitrum maintains a 1:1 ratio with USD, ensuring the stability and reliability of the stablecoin.
Arbitrum introduces a bridged version of USDC called USDC.e, which is not issued by Circle. The transition of liquidity from USDC.e to USDC is planned to occur smoothly over time.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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