HomeNEWSCircle launches native $USDC on Base and OP Mainnet

Circle launches native $USDC on Base and OP Mainnet


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Leading stablecoin issuer, Circle has launched its native $USDC token on the Ethereum Layer2 networks, OP mainnet and Base. According to its announcement on Twitter, the two $USDC versions are backed by Circle Account and APIs. Therefore, users can purchase both the $USDC on Base and OP Mainnet through Coinbase. Likewise, they will be able to withdraw the stablecoin to their respective wallets.

It is worthy of note that this development comes barely a week after Circle told the public to anticipate the deployment of the stablecoin on Base. In the announcement, the firm maintained that the asset would eliminate the need for the existing USDbc bridged version. Likewise, Circle promised smooth transition for users by working with “ecosystem apps.”

Recall that Base was launched by Coinbase in early August. It was developed as an Ethereum Layer2 chain, offering reliable, low-cost and user-friendly platform for users to build on-chain. According to its white paper, the project came alive on OP Stack through Coinbase’s collaboration with Optimism. Following its launch on mainnet, there was no version of USD coin on the network.

With this, users could not swap their cash for USDC. Then, the team resolved to activate a feature that allowed users to temporarily bridge USDC from Ethereum using a bridge app. The issue issued by the bridge is known as “USDbC.” Now, the deployment of a version of $USDC on the network by Circle will be a welcomed development for users.

Circle aiming to foster widespread access to its stablecoins

Circle wants to foster widespread access to its stablecoins. Recently, it also launched the USDC stablecoin on Mercado Pago in Chile. According to Circle, the partnership with Mercado pago would help onboard about 2 million Chile users into its ecosystem. Then, its CEO, Jeremy Allaire described Mercado Libre as the “Amazon of LATAM with 200M users.”

Likewise, Circle also launched Euro Coin (EUROC) on Avalanche, a decentralized open-source proof-of-stake blockchain. It deployed the asset on the network so as to equip developers with fully reserved Euro-backed stablecoin they can depend on.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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