Circle’s CEO, Jeremy Allaire, has announced that the United States dollar stablecoin, USD Coin, will be launching natively on the Base network in the coming week. This new version will replace the current USD Base Coin (USDbC) that is currently being used by most users.
When Coinbase’s Base network was launched on August 9th, there was no native version of USD Coin (USDC) available on the network. This meant that users were unable to deposit cash into a Circle account and receive equivalent USDC on Base. To address this issue, the Base team allowed users to bridge USDC from Ethereum using an official bridge app. The bridged token was named “USDbC” and was backed by native USDC locked on the Ethereum network.
According to an announcement made on August 29th, Circle will soon begin issuing USDC on Base, thereby eliminating the need for a bridged coin backed by the Ethereum version. The contract for the new token has already been deployed to Base, and upon launch, the team will provide detailed instructions on how users can redeem their current USDbC for native USDC.
The Circle team is committed to ensuring a smooth transition for liquidity providers. They will work with ecosystem apps to facilitate the migration of liquidity provision for the new coin. In the meantime, the current Base bridge that issues USDbC will continue to operate normally.
Although a specific date has not been announced, Allaire stated that the official launch of the native USDC on Base will occur sometime next week. This launch is highly anticipated by the Base network community, as it will enhance the usability and accessibility of USD Coin within the Base ecosystem.
Since its launch, the Base network has experienced significant growth. Within just one day of its release, the network gained over 136,000 active users on August 10th. This demonstrates the strong demand for a decentralized financial ecosystem like Base. In addition, Base recently announced plans to share its revenue and partially govern the upcoming “Superchain,” which will consist of Base, Optimism, and other networks.
The launch of native USDC on the Base network is a significant development for Circle and the Base community. It eliminates the need for bridging tokens and improves the overall functionality of the network. With the commitment to a smooth transition for liquidity providers, Base is positioning itself as a robust decentralized financial platform. As the official launch date approaches, users and developers alike eagerly anticipate the increased accessibility and efficiency that native USDC will bring to the Base network.