USDC Added to Ethereum’s Layer 2 Scaling Option Arbitrum
Using Arbitrum’s ecosystem, Circle’s stablecoin may be transferred more efficiently and between more blockchains.
According to Circle’s official release, the Ethereum-based layer two scaling solution Arbitrum now supports Circle’s native USDC token, making it the ninth blockchain to do so.
Circle’s newly enabled feature streamlines the process by which firms may exchange USDC across supported chains, saving time and money over traditional bridging transactions.
Due to a recent bug in the Arbitrum Sequencer software, on-chain transaction verification was temporarily halted; however, with the introduction of USDC on the Arbitrum network, developers, businesses, and users can “access Arbitrum USDC and take advantage of faster settlement times and lower costs offered by the Arbitrum network,” as stated in the announcement.
One of Ethereum’s $2.2 billion TVL layer two scaling options, Arbitrum, uses Optimistic Rollup technology to increase transaction throughput for DApps without compromising the blockchain’s inherent security.
Native USDC deployed by Circle on Arbitrum maintains a 1:1 value to USD, whereas a bridging USDC issued by Arbitrum but not by Circle is known as USDC.e. Transitioning liquidity from USDC.e to USD is planned for the future.
Utilising a Circle Account and the Circle APIs, users of decentralized applications (DApps) like Camelot, GMX, and Uniswap may buy, sell, borrow, and lend Arbitrum USDC. Arbitrum’s USDC may be used for in-game purchases, NFT markets, and e-commerce.
Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe, and Uniswap are the nine blockchains that accept USDC trading natively, and the Circle Account and APIs make this procedure easy.