According to an August 29 social media post from CEO Jeremy Allaire, Circle stablecoin, USD Coin, will go live on the Base network next week. The new version will replace the current USD Base Coin (USDbC).
Coinbase's Base Network launched on August 9. At that time, no native version of USDC existed on the network. Users cannot deposit to Circle account and receive USDC equivalent on Base. To solve this problem, the Base team has allowed users to connect USDC from Ethereum through an official bridge application. The Token bridge issued is named “USDbC” and is backed by the native USDC locked on the Ethereum network.
The August 29 announcement stated that Circle will soon begin issuing USDC on Base, eliminating the need for a bridge coin supported by the Ethereum version.
According to an accompanying blog post, the new Token contract has been deployed to Base. On launch day, the team will explain how to convert existing USDbC to native USDC . The team will also “work with ecosystem applications” to enable LP to “smoothly transition” to providing liquidation for the new coin, and the existing Base bridge issuing USDbC will continue to operate. normal behavior at the moment.
The Circle team has not announced a specific date for the coin's official launch, as Allaire only stated that it will take place sometime “next week.”
The Base network gained over 136,000 active users on August 10, a day after its launch. On August 25, Base announced it will Chia its revenue and partially manage the upcoming “Superchain” that includes Base, Optimism , and other networks.
Source: Cointelegraph
