{"id":16707,"date":"2023-06-01T14:44:43","date_gmt":"2023-06-01T18:44:43","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/circle-to-launch-official-version-of-usdc-natively-on-arbitrum\/"},"modified":"2023-06-01T14:44:43","modified_gmt":"2023-06-01T18:44:43","slug":"circle-to-launch-official-version-of-usdc-natively-on-arbitrum","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/circle-to-launch-official-version-of-usdc-natively-on-arbitrum\/","title":{"rendered":"Circle to launch \u2018official version\u2019 of USDC natively on Arbitrum"},"content":{"rendered":"<p> <br \/>\n<br \/><img src=\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/049cda40-ace2-44b9-affb-eb1a778d905a.jpg\" \/><\/p>\n<div data-v-3af9fd0a=\"\">\n<p>Circle recently announced plans for a June 8 launch of a new native version of its USD Coin\u00a0stablecoin on the Arbitrum network.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ Circle is launching USDC natively on <a href=\"https:\/\/twitter.com\/arbitrum?ref_src=twsrc%5Etfw\">@Arbitrum<\/a> on June 8th! <\/p>\n<p>Keep scrolling or read the blog to learn more about this launch and how to migrate liquidity from \u201cbridged USDC\u201d to native USDC. <a href=\"https:\/\/t.co\/tbxSmUvXso\">https:\/\/t.co\/tbxSmUvXso<\/a><\/p>\n<p>\u2014 Circle (@circle) <a href=\"https:\/\/twitter.com\/circle\/status\/1664256935976132610?ref_src=twsrc%5Etfw\">June 1, 2023<\/a><\/p><\/blockquote>\n<p>According to a blog post, Circle will replace the existing version of USD Coin (<a href=\"https:\/\/cointelegraph.com\/usdc-price-index\">USDC<\/a>), an Ethereum-based token that\u2019s been bridged to Arbitrum, with a native token that runs and resides on the Arbitrum network itself:<\/p>\n<blockquote><p>\u201cThis will be the official version of USDC that is recognized within the Arbitrum ecosystem and will ultimately replace the currently circulating bridged version of USDC that comes from Ethereum.\u201d<\/p><\/blockquote>\n<p>Ahead of the launch, Circle plans to rename the existing Ethereum-based version of USDC to \u201cUSDC.e.\u201d The original version will be listed as \u201cbridged USDC,\u201d and the new Arbitrum-based version will don the \u201cUSDC\u201d mantle. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">6\/ Native USDC issued by Circle<\/p>\n<p>\u2013 Token Name: USD Coin<br \/>\u2013 Token Symbol: USDC<br \/>\u2013 Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831<\/p>\n<p>\u2014 Circle (@circle) <a href=\"https:\/\/twitter.com\/circle\/status\/1664256944469602304?ref_src=twsrc%5Etfw\">June 1, 2023<\/a><\/p><\/blockquote>\n<p>The goal of this endeavor, according to Circle, is to speed up transactions through the use of cross-chain transfer protocols (CCTPs).<\/p>\n<p>CCTPs are protocols that handle the transfer of assets between blockchains, allowing users to unify liquidity. They support both crypto and Web3 assets across portfolios. <\/p>\n<p>\u201cThis will enable USDC to move natively to-and-from Ethereum (and other supported chains) in minutes,\u201d writes the Arbitrum team, adding \u201cno more withdrawal delays.\u201d<\/p>\n<p>The changes to USDC come as the overall market for stablecoins \u2014 cryptocurrencies such as USDC designed to trade at or close to the exact value of a fiat currency \u2014 has trended negatively for most companies in the space over the past 12 months. <\/p>\n<p><strong><em>Related: <\/em><a href=\"https:\/\/cointelegraph.com\/news\/usdt-market-share-jumps-amid-economic-uncertainty-usdc-shrinks\"><em>USDT market share jumps amid economic uncertainty, but USDC shrinks<\/em><\/a><\/strong><\/p>\n<p>Circle\u2019s been no exception, as it saw its own market share decline significantly over the past 12 months. USDC\u2019s market capitalization has shrunk from $55 billion to $29 billion over that period, according to CoinGecko data.<\/p>\n<p>One of the few outliers bucking the trend appears to be Tether (<a href=\"https:\/\/cointelegraph.com\/tether-price-index\">USDT<\/a>), whose USDT stablecoin rose from a market share of 47.04% in 2022 to 65.89% in 2023, bringing its market capitalization to just over $83 billion. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/circle-to-launch-official-version-of-usdc-natively-on-arbitrum\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle recently announced plans for a June 8 launch of a new native version of its USD Coin\u00a0stablecoin on the Arbitrum network. 1\/ Circle is launching USDC natively on @Arbitrum on June 8th! Keep scrolling or read the blog to learn more about this launch and how to migrate liquidity from \u201cbridged USDC\u201d to native USDC. https:\/\/t.co\/tbxSmUvXso \u2014 Circle (@circle) June 1, 2023 According to a blog post, Circle will replace the existing version of USD Coin (USDC), an Ethereum-based token that\u2019s been bridged to Arbitrum, with a native token&hellip;<\/p>\n","protected":false},"author":1,"featured_media":16708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[38],"tags":[1330,551,864,3807,1943,3672,1116],"_links":{"self":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/16707"}],"collection":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/comments?post=16707"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/16707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/16708"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=16707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=16707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=16707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}