/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Su)
[ad_1]
Circle recently announced plans to launch a new native version of its USD Coin (USDC) stablecoin on the Arbitrum network on June 8th.
1/ Circle is basically launching USDC @Arbitrum On June 8th!
Keep scrolling or read the blog to learn more about this launch and how to move liquidity from “bridged USDC” to native USDC. https://t.co/tbxSmUvXso
— Circle (@circle) June 1, 2023
According to a blog post, Circle will replace the existing version of USDC, an Ethereum-based token tied to Arbitrum, with a native token that runs and resides on the Arbitrum network:
“This will be the official version of USDC that is recognized within the Arbitrum ecosystem and will eventually replace the currently circulating bridged version of USDC that comes from Ethereum.”
Ahead of the launch, Circle plans to rename the existing Ethereum-based version of USDC to “USDC.e”. The original version will be listed as “Bridged USDC” and the new Arbitrum-based version will don the “USDC” mantle.
6/Native USDC issued by Circle
– Token Name: USD Coin
– Token Symbol: USDC
– Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831— Circle (@circle) June 1, 2023
The goal of this effort, according to Circle, is to speed up transactions through the use of cross-chain transfer protocols (CCTPs).
CCTPs are protocols that handle the transfer of assets between blockchains, allowing users to integrate liquidity and support both crypto and Web3 assets in portfolios.
“This will enable USDC to be seamlessly transferred to and from Ethereum (and other supported chains) in minutes,” wrote the Arbitrum team, “with no further withdrawal delays.”
The change to USDC comes as the overall market for stablecoins – cryptocurrencies such as USDC are designed to trade at or close to the exact value of fiat currency – trended negative for most companies in the space over the past 12 months. Is.
Connected: USDT market share surges amid economic uncertainty, but USDC shrinks
Circle has been no exception, as it has seen its own market share decline significantly over the past 12 months. According to data from Coingecko, the market capitalization of USDC has declined from $55 billion to $29 billion over that period.
One of the few outliers bucking the trend appears to be Tether, whose USDT stablecoin is set to grow from a market share of 47.04% in 2022 to 65.89% in 2023, taking its market capitalization to over $83 billion.
