Circle’s USD Coin (USDC) has launched natively on each Base and Optimism networks, permitting Circle account holders to ship USDC stablecoin from their accounts to Base or Optimism. Coinbase has additionally made USDC transfers to Base out there, in line with a Sept. 5 social media put up. Circle claimed that it’s working with “ecosystem companions” to develop a system for customers to swap outdated, bridged variations of USDC for the brand new, official variations.
1/ It’s right here. #StableSeptember. The day you’ve all been ready for – what comes first? How about two launches on the identical day?
Introducing $USDC on @optimismFND and USDC on @BuildOnBase, two main L2 scaling options for Ethereum constructed on the OP Stack. pic.twitter.com/v3SgJBZ7qG
— Circle (@circle) September 5, 2023
Coinbase’s Base community launched on Aug. 9. However at launch, Coinbase customers couldn’t ship USDC to the Base community from their trade accounts, nor may Circle account holders. Base customers relied on a bridged model of USDC, known as “USDbC,” to make U.S. greenback transactions. On Aug. 29, Circle CEO Jeremy Allaire introduced {that a} native model of USDC could be made out there “subsequent week,” however no particular date was given.
The Sept. 5 announcement states that the coin is now out there natively on Base. On the identical day, the Coinbase interface began exhibiting an choice to switch USDC to Base.
Regardless of this official launch, many decentralized exchanges on the community proceed to make use of the outdated model of the coin. On the time of publication, Uniswap, Baseswap, Aerodrome, Maverick, and different DEXs proceed to point out the outdated contract tackle when customers choose the stablecoin.
Associated: Visa faucets into Solana to widen USDC cost functionality
The announcement said that USDC has additionally been launched on Optimism, offering a alternative for the USDC.e token that was beforehand used on the community. As with Base, Optimism DEXs don’t seem to have been built-in with the brand new model but.
Circle has been trying to battle again after its stablecoin misplaced market share to Tether (USDT) all through early 2023, nevertheless it additionally faces rising competitors after the launch of two new stablecoins throughout the summer time. First Digital USD was launched in June, and Binance started selling it in August. PayPal additionally launched its PYUSD stablecoin on Aug. 7.
