Circle has recently announced that its stablecoin, USDC, will be natively deployed on the Base network next week. This new version of the stablecoin will eliminate the need to use USDbC, the bridged token anchored to the Ethereum blockchain. Up until now, Base users have been using this token as a workaround, which will be rendered useless with the launch of native USDC, thus promising a smoother and more efficient user experience.
Seamless Transition for Liquidity Providers
According to a blog post by Circle, the contract for this new token has already been deployed on the Base network. On the launch day, detailed instructions will be provided to explain how to exchange USDbC for native USDC. The Circle team will also collaborate with various applications in the ecosystem to enable liquidity providers to migrate seamlessly to the new token. The existing bridge that currently issues USDbC will continue to function normally for the time being.
Rapid Growth and Ambitions of the Base Blockchain
The Base network has experienced impressive growth since its launch on August 9th, attracting over 136,000 active users in just one day. This rapid expansion has been further solidified by the announcement of plans for a ‘Superchain,’ a network that brings together Base, Optimism, and other platforms. This new initiative, partly governed by Base, aims to share the generated revenues, marking a crucial step in the network’s ambitious expansion.