- Launch on June 8, 2023
- Circle will replace the current version of USDC with a native version of the token that will run on the Arbitrum network
- The company plans to change the name of the token to “USDC.e”
Circle, a USDC stablcoin issuer, recently announced plans to launch a native version of its USDC stablcoin on the Arbitrum network.
According to a blog post, Circle plans to replace the current version of the USDC token, which is built on Ethereum and integrated with Arbitrum, with a native version of the token that will function directly on the Arbitrum network.
“This will be the official version of USDC recognized in the Arbitrum ecosystem and will eventually replace the currently circulating version of USDC that functions on Ethereum. On the eve of the launch, Circle plans to rename the existing Ethereum-based version of USDC to “USDC.e,” the company wrote in a statement.
Circle officials note that the main goal of the initiative is to speed up transactions by implementing cross-chain transfer protocols (CCTPs).
CCTP is a set of protocols that aim to handle asset transfers between different blockchains, allowing users to unify liquidity. They support both cryptocurrency and Web3 assets in their portfolios.
The Arbitrum team added:
“This will allow USDC to natively switch to Ethereum and other supported chains in minutes. No more delays when withdrawing funds”
.