Circle is launching USDC natively on Arbitrum on June 8, 2023! Keep reading to learn more about this launch and how to migrate liquidity from “bridged USDC” to native USDC.
Native to Arbitrum
USDC issued by Circle will be native to Arbitrum. This will be the official version of USDC that is recognized within the Arbitrum ecosystem, and will ultimately replace the currently circulating bridged version of USDC that comes from Ethereum.
Benefits of Native USDC
- Fully reserved and always redeemable 1:1 for US dollars
- Enables institutional on/off-ramps via Circle and other partners
- Upcoming support by CCTP to eliminate bridge withdrawal delays
- Upgradeable smart contract for future enhancements by Circle
What You Need to Know
Ahead of the launch of native USDC on June 8th, Arbitrum will be renaming the Ethereum-bridged version of USDC on block explorers as “USDC.e”. There will also be outreach to ecosystem apps to make the same change in their app UI and documentation.
Bridged USDC from Ethereum
- Token Name: Bridged USDC
- Token Symbol: USDC.e
- Token Address: 0xff970a61a04b1ca14834a43f5de4533ebddb5cc8
Native USDC issued by Circle
- Token Name: USD Coin
- Token Symbol: USDC
- Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831
Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time. There will be no immediate changes to the Arbitrum Bridge, and it will continue to operate normally for bridging USDC to and from Ethereum.
Circle expects to bring Cross-Chain Transfer Protocol (#CCTP) to Arbitrum after the launch of native USDC. Upon integration into the Arbitrum Bridge, this will enable USDC to move natively to-and-from Ethereum (and other supported chains) in minutes — no more withdrawal delays.