Circle’s USDC will launch natively on Optimism, Coinbase’s Base next week

2023-8-31 03:00

The major stablecoin company Circle said it will launch its USDC stablecoin natively on two blockchains in the first week of September.

The company said on Aug. 30 that it will launch USDC on Optimism’s OP Mainnet. It said that this new, native version of USDC will gradually replace OP Mainnet’s current version of the stablecoin, which is bridged from the Ethereum blockchain.

The symbol for Optimism’s bridged version of USDC will be changed to USDC.e, while the new native version will be labeled USDC.

Previously, Circle announced a native version of USDC on Coinbase’s Layer 2 Base network on Aug. 29. Just like in the other launch, the new version of USDC on Base will gradually replace an existing version bridged from Ethereum. The bridged version will be renamed USDbC, while the new native version will be labeled USDC.

Circle said that these native versions of USDC will allow for institutional on- and off-ramps and will help ensure that USDC is always fully backed and redeemable.

Though Circle did not provide a date for either the Optimism or Base launch, CEO Jeremy Allaire suggested in separate tweets that each launch would take place “next week.” That suggests each launch will occur prior to Sept. 9.

Future launches are scheduled

Circle described the launches as part of its “StableSeptember” event. It previously announced that it will launch USDC on five blockchains in September.

The targeted blockchain launches for September include Cosmos via Noble, NEAR, and Polkadot, as well as the Base and Optimism launches mentioned above. The company also said it will launch USDC on a sixth chain, Polygon PoS, in October. USDC currently exists on Polygon in a bridged form.

In addition to launching on new blockchains, Circle is also expanding internationally. The company recently announced a partnership that will see the Latin American payment network Mercado Pago offer USDC support to Chilean users.

The post Circle’s USDC will launch natively on Optimism, Coinbase’s Base next week appeared first on CryptoSlate.

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