Circle said that businesses and institutions can access on/off-ramps for $USDC to OP Mainnet and Base through Circle Account.
Circle’s native stablecoin USDC has recently launched on two Layer-2 networks – Base and Optimism. this launch will allow the Circle account holders to send USDC from their accounts to either of the networks.
Coinbase also announced that it has made USDC transfer available to Base. Circle has stated that it is collaborating with “ecosystem partners” to create a mechanism enabling users to exchange outdated, bridged editions of USDC for the new, authorized versions.
Coinbase’s Base network was inaugurated on August 9, but initially, neither Coinbase nor Circle account holders could send USDC directly to the Base network from their exchange or Circle accounts. Instead, users had to depend on a bridged version of USDC known as “USDbC” for their US dollar transactions. On August 29, Circle’s CEO, Jeremy Allaire, announced that a native version of USDC would become available “next week,” although no specific date was provided.
As of September 5, the official announcement confirms that the coin is now accessible natively on Base. Additionally, on the same day, Coinbase’s interface began displaying an option for transferring USDC to Base.
1/ It’s here. #StableSeptember. The day you’ve all been waiting for – what comes first? How about two launches on the same day?
Introducing $USDC on @optimismFND and USDC on @BuildOnBase, two leading L2 scaling solutions for Ethereum built on the OP Stack. pic.twitter.com/v3SgJBZ7qG
— Circle (@circle) September 5, 2023
Despite this official launch, several decentralized exchanges on the network continue to utilize the older version of the coin. At the time of this publication, platforms like Uniswap, BaseSwap, Aerodrome, Maverick, and others still display the old contract address when users select the stablecoin.
Launching USDC Stablecoin on Optimism Network
The announcement highlights the launch of USDC on Optimism, offering a replacement for the previously used USDC.e token within the network. However, it’s worth noting that Optimism’s decentralized exchanges (DEXs) do not yet seem to have integrated the new version.
Circle said that businesses and institutions can access on/off-ramps for $USDC to OP Mainnet and Base through Circle Account. Circle Account streamlines the process of depositing USDC from one chain and withdrawing USDC from another, avoiding the associated costs and delays of lock-and-mint bridging.
Developers can further harness the potential of native $USDC for building on a secure foundation that boasts official support from Circle, ensuring long-term stability. Furthermore, users can easily access OP Mainnet USDC and Base USDC directly from Coinbase and subsequently withdraw to an EVM-compatible digital wallet such as Coinbase Wallet.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
