USDC Now Available Natively on Arbitrum

USDC Now Available Natively on Arbitrum

Multi-Chain Build on Circle

USDC on Arbitrum is here! We’re excited to announce that USDC is now available natively on Arbitrum and accessible to developers and their users – no bridging required. Circle Account and Circle APIs enable businesses to access USDC on Arbitrum and take advantage of faster settlement times and lower costs offered by the Arbitrum network.

 

About Arbitrum

Arbitrum is a layer 2 (L2) scaling solution for Ethereum developed by Offchain Labs. Arbitrum uses Optimistic Rollup technology to rapidly scale transaction throughput for decentralized apps, without sacrificing security offered by the Ethereum blockchain.1

Arbitrum boasts more than $2.2B in Total Value Locked (TVL) as of June 7, 2023, making it one of the largest networks with deep digital asset liquidity and a growing developer ecosystem.2 Businesses can now choose USDC on Arbitrum to broaden their customer base, access crypto capital markets, and benefit from lower costs and faster settlement times.

 

Understanding native vs. bridged

Circle brings USDC to new blockchains to empower developers to build on a stable foundation that’s native to a specific blockchain network. Native USDC is officially issued by Circle and always redeemable 1:1 for US dollars.

In the case of Arbitrum, there also exists a “bridged” form of USDC, known as USDC.e, that’s been bridged from Ethereum. USDC.e is not issued by Circle.

 

Native USDC on Arbitrum:

Bridged USDC on Arbitrum: (from Ethereum)

 

Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time.

Coinbase, for example, is a global digital asset exchange that enables users to access USDC on USDC and easily withdraw to a digital wallet, such as Coinbase Wallet.

 

Powering new use cases

Exchanges, fintechs, institutional traders, and developers can access USDC on Arbitrum via the Circle Account and Circle APIs for a number of use cases:

Circle Account and Circle APIs also make it easy to swap between USDC natively across 9 supported blockchains.

 

Get started today

Businesses can readily access on/off-ramps for USDC on Arbitrum by opening a Circle Account.

 

1 developer.offchainlabs.com (Last accessed June 7, 2023)

2 defillama.com/chains (Last accessed June 7, 2023)

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