Crypto news

USDC now available on Base and Optimism networks.

Circle’s USD Coin (USDC) has expanded its native availability to the Base and Optimism networks,

granting Circle account holders the ability to send the stablecoin to either network.

In a social media post on September 5, Coinbase announced that it now supports USDC transfers to Base.

Circle is actively collaborating with ecosystem partners to establish a mechanism for users to exchange older bridged versions of USDC for the new official versions.

When Coinbase’s Base network was launched on August 9,

users encountered limitations in sending USDC to the network from their exchange accounts,

including Circle account holders.

To facilitate U.S. dollar transactions, Base users were reliant on a bridged version of USDC known as “USDbC.” Circle CEO Jeremy Allaire subsequently announced on August 29 that a native version of USDC would be introduced in the following week,

without specifying a precise date.

In the recent announcement on September 5, it was revealed that USDC is now available natively on Base.

Coinciding with this update, the Coinbase interface began displaying an option for transferring USDC to Base on the same day.

Decentralized Exchanges Still Lagging Behind in Adopting New Version of USDC, Optimism Sees Introduction of USDC Replacement

Despite the official launch, several decentralized exchanges operating on the network still utilize the previous version of the coin.

Notably, Uniswap, BaseSwap, Aerodrome, Maverick, and other platforms continue to display the old contract address when users select the stablecoin.

Furthermore, the announcement highlights that USDC has been introduced on the Optimism network, serving as a replacement for the previously used USDC.e token.

However, similar to Base, the new version has yet to be integrated into Optimism’s decentralized exchanges.

Circle has been making efforts to regain market share for its stablecoin after facing competition from Tether earlier in 2023.

However, the competition has intensified with the launch of two new stablecoins during the summer.

First Digital USD (FDUSD) was launched in June, and Binance started promoting it in August.

Additionally, PayPal introduced its own PayPal USD stablecoin on August 7.

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