- USDC revolutionizes transactions with native Arbitrum integration.
- Native USDC on Arbitrum unlocks faster settlements and lower costs.
- Seamless access to USDC on Arbitrum simplifies crypto capital markets.
USDC, the leading stablecoin issued by Circle, has made a significant breakthrough by becoming available natively on Arbitrum, a prominent layer 2 scaling solution for Ethereum. This development eliminates the need for bridging and offers developers and users seamless access to USDC on the Arbitrum network.
Leveraging Circle Account and Circle APIs, businesses can tap into the advantages of faster settlement times. And lower costs provided by Arbitrum’s Optimistic Rollup technology.
Unlocking the Potential of Arbitrum:
Arbitrum has rapidly emerged as a layer 2 scaling solution for Ethereum, spearheaded by Offchain Labs. Its innovative use of Optimistic Rollup technology enables efficient scaling of transaction throughput for decentralized applications while maintaining the security of the Ethereum blockchain.
With a staggering Total Value Locked (TVL) of over $2.2 billion as of June 7, 2023, Arbitrum boasts deep digital asset liquidity and a thriving developer ecosystem. By integrating with Arbitrum USDC, businesses can expand their customer base, and access crypto capital markets. Users can enjoy reduced costs and faster settlement times.
Differentiating Native and Bridged USDC:
Circle’s integration of USDC on various blockchains revolves around providing a stable foundation for developers to build. Native USDC, officially issued by Circle, is always redeemable 1:1 for US dollars. And it ensures a seamless experience on specific blockchain networks. In the case of Arbitrum, there also exists a bridged form of USDC. It is known as USDC.e, which is not issued by Circle.
Arbitrum’s Transition Plan:
Arbitrum is actively collaborating with ecosystem apps to facilitate a smooth transition of liquidity from bridged USDC.e to native USDC over time. Major platforms like Coinbase, a global digital asset exchange, already support Arbitrum USDC. It enables users to withdraw to compatible digital wallets such as Coinbase Wallet quickly.
Powerful Use Cases Unleashed:
Exchanges, fintechs, institutional traders, and developers can now leverage Arbitrum USDC through Circle Account and Circle APIs to unlock many use cases. These include making programmatic payouts worldwide in seconds and engaging in trading, borrowing, and lending activities on platforms like Camelot, GMX, and Uniswap. Furthermore, they may take payments for e-commerce, NFT markets, gambling, and other services.
Circle Account and Circle APIs also streamline the process of swapping USDC natively across the 9 supported blockchains, eliminating the costs and delays associated with bridging.
A Growing Ecosystem:
With the integration of Arbitrum USDC, the multi-chain ecosystem expands its reach. Notable apps such as Aave, Balancer Labs, CamelotDEX, GMX.IO, SushiSwap, Trader Joe, Uniswap, and others will be embracing Arbitrum USDC, further enhancing its versatility. And the adoption of the native USDC solution.
In conclusion, USDC’s native integration on Arbitrum paves the way for seamless transactions. It unlocks a new era of speed, cost-efficiency, and limitless possibilities in the crypto ecosystem.