USDC Stablecoin Officially Launches on Arbitrum
Arbitrum has become the ninth blockchain to feature a dedicated USDC issuance by Circle.
Circle has announced that the native USDC token has officially launched on the Arbitrum network, in line with the previously announced plans on June 1, 2023.
“Businesses with Circle accounts can now access Arbitrum USDC and are ready to swap USDC across supported chains—avoiding high costs and delays associated with using bridges,” Circle stated.
1/ Launch alert 🚨 USDC is now natively available on @Arbitrum, a leading L2 scaling solution for Ethereum: https://t.co/qYjwBTimND
— Circle (@circle) June 8, 2023
According to the announcement, several popular applications will support Arbitrum USDC shortly after its launch, including Aave, Balancer, Camelot, Coinbase, GMX, Sushiswap, Trader Joe, Uniswap, and more.
As of the writing of this article, Arbiscan data shows that the total supply of USDC on Arbitrum has reached $47.79 million, though this is still a small fraction of the total USDC supply, which is approximately $28.5 billion.
The bridged version from Ethereum, tokenized as “USDC.e,” will gradually be phased out to avoid disrupting user experience through the Arbitrum Bridge product.
The launch of USDC on Arbitrum comes shortly after a Layer-2 scaling solution encountered a software bug in the early hours of June 8, 2023, which caused the network to halt on-chain transactions for several hours. However, the issue has been promptly addressed and resolved.
