Circle’s USD Coin (USDC) is set to launch natively on the Base network in the coming week. This new version will replace the current USD Base Coin (USDbC) that users currently rely on as a substitute. The Base network, which was launched on August 9th by Coinbase, did not initially have a native version of USDC. However, users were able to bridge USDC from Ethereum via an official bridge app. This bridge token, known as “USDbC,” is backed by native USDC locked on the Ethereum network.
The announcement made on August 29th revealed that Circle will begin issuing USDC on Base, eliminating the need for a bridged coin backed by the Ethereum version. The new token’s contract has already been deployed to Base, and on the day of the launch, the team will provide instructions on how to redeem the current USDbC for native USDC. To ensure a smooth transition, Circle will collaborate with ecosystem apps to allow liquidity providers to adjust their operations accordingly. Meanwhile, the current Base bridge that issues USDbC will continue to operate as normal temporarily.
Official Launch Date
Circle has not disclosed an exact date for the official launch of USD Coin on Base. CEO Jeremy Allaire mentioned in the announcement that it will happen sometime in the next week. This anticipated launch will mark a significant milestone for the Base network, paving the way for users to directly deposit cash into a Circle account and receive equivalent USDC on Base without the need for bridging through Ethereum.
The Base network experienced a surge in popularity, attracting over 136,000 active users on August 10th, just one day after its launch. The network’s innovative approach and simplified processes have garnered attention within the industry. Furthermore, Base recently shared its plans to share revenue and participate in the governance of the upcoming “Superchain,” which will involve Base, Optimism, and other networks.
The launch of USD Coin on the Base network signifies the increasing adoption and integration of stablecoins in the cryptocurrency ecosystem. With native support for USDC, users will enjoy enhanced efficiency and convenience when conducting transactions. As the Base network continues to evolve and expand its offerings, it is expected to attract more users and strengthen its position within the market. The collaboration between Circle and Base exemplifies the industry’s commitment to developing user-friendly solutions that bridge the gap between traditional finance and digital assets.
The launch of USD Coin on the Base network represents a significant milestone in the cryptocurrency industry. It eliminates the need for bridging via Ethereum and offers users a seamless experience when transacting with USDC. As we eagerly await the official launch, it is clear that both Circle and Base are dedicated to providing innovative solutions that drive the mass adoption of stablecoins and pave the way for a decentralized financial future.