Circle to introduce a new stablecoin in its Arbitrum network
Circle, a stablecoin issuer, will launch a new original version of its USD Coin stablecoin on the Arbitrum network, stated Cointelegraph.
With insights from an official post, Circle will exchange the present version of the USDC Coin, an Ethereum-based token, which has been linked with Arbitrum, with a native token that is inbuilt into the Arbitrum network. Supposedly, “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.”
Sources revealed that after the launch, Circle might change the current name of the Ethereum-based version of USDC to “USDC.e.” It is believed that the original version will be listed as “bridged USDC,” and the new Arbitrum-based version will be on the “USDC” mantle.
Furthermore,“This will enable USDC to move natively to-and-from Ethereum (and other supported chains) in minutes, with no more withdrawal delays,” the Arbitrum team told Cointelegraph.
(With insights from Cointelegraph)
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