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Circle has brought its native USDC to Arbitrum, Ethereum’s leading Layer 2 scaling solution, making Arbitrum the ninth blockchain to expand USDC support, according to Circle’s official announcement.
The newly enabled feature allows businesses using Circle to easily exchange USDC between supported chains, avoiding the costs and delays typically associated with transition transactions:
3/ With a Circle account, businesses can access on/off ramps for Arbitrum USDC and easily swap USDC between supported chains, avoiding the costs and delays associated with bridging.
— Circle (@circle) June 8, 2023
Following a recent bug in Arbitrum’s Sequencer software which cause a temporary halt to on-chain transaction verification, the introduction of Circle’s USDC to the Arbitrum Network now allows developers, enterprises and users “to access Arbitrum USDC and enjoy faster settlement times and lower costs offered by the Arbitrum Network,” according to the announcement.
Arbitrum, one of Ethereum’s Layer 2 scaling solutions with a TVL of $2.2 billion, leverages Optimistic Rollup technology to increase transaction throughput for decentralized applications, while maintaining the security features of the Ethereum blockchain.
Circle’s deployment of native USDC on Arbitrum maintains a 1:1 ratio with USD, with Arbitrum publishing a bridged USDC called USDC.e, not issued by Circle. Plans are underway to smoothly transfer liquidity from USDC.e to USDC over time:
Circle Account and Circle APIs to access Arbitrum USDC for various use cases including programmable, fast and global transactions, as well as trading, lending and borrowing on DApps such as Camelot, GMX and Uniswap. Users can also use Arbitrum’s USDC for payments for e-commerce, NFT markets, and games.
The Circle account and APIs also simplify the process of trading USDC natively on all nine supported blockchains: Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe, and Uniswap.