USDC to launch on Base Network
Circle CEO announces native USDC launch on Base network, replacing USDbC. Launch date to be announced next week, expected to attract more users.
On August 29, Jeremy Allaire, the CEO of Circle, announced via social media that USDC would soon be launching natively on the Base network. This new version of USDC will replace the existing USDbC, which has been serving as a substitute for users on the Base network.
When the Base network launched on August 9, it did not have a native version of USDC. Users could not 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 the Ethereum network via an official bridge app. The token issued by this bridge was called USDbC and was backed by native USDC locked on the Ethereum network.
The upcoming launch of USDC on Base will eliminate the need for a bridged coin backed by the Ethereum version. According to an accompanying blog post, the contract for the new token has already been deployed to Base. On the launch day, the team will provide details on how the current USDbC can be redeemed for native USDC.
The Base team plans to work with ecosystem apps to allow liquidity providers to transition smoothly to providing liquidity for the new coin. The current Base bridge that issues USDbC will continue to operate normally for the time being.
While the Circle team has not announced a specific date for the coin's official launch, Jeremy Allaire stated that it would happen sometime "next week."
The Base network gained over 136,000 active users on August 10, just a day after its launch. With the introduction of native USDC, the network is likely to attract even more users and liquidity, further solidifying its position in the crypto market.