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Circle’s USD Coin, a stablecoin pegged to the United States dollar, is set to launch natively on the Base network “next week,” as indicated in a social media update from CEO Jeremy Allaire on Aug. 29. This new iteration will replace the existing USD Base Coin (USDbC) that many users currently utilize as an alternative.
Native $USDC on @BuildOnBase. Coming next week. #StableSeptember. Let's go! https://t.co/oqfI0ZZhCn
— Jeremy Allaire (@jerallaire) August 29, 2023
Coinbase’s Base network was launched on Aug. 9. Initially, there was no native version of USD Coin (USDC) available on the network. Users were unable to deposit cash into a Circle account and receive corresponding USDC on Base. To address this issue, the Base team enabled users to bridge USDC from Ethereum using an official bridge application. The token created through this bridge is referred to as “USDbC” and is supported by native USDC secured on the Ethereum network.
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The announcement on Aug. 29 reveals that Circle will soon start issuing USDC on Base, ultimately eliminating the necessity for a bridged coin that is backed by the Ethereum version.
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As detailed in a related blog post, the contract for the new token has already been established on Base. On the day of the launch, the team will provide information on how the existing USDbC can be exchanged for native USDC. Additionally, the team will collaborate with ecosystem applications to facilitate a “smooth transition” for liquidity providers to support the new coin, while the current Base bridge that issues USDbC will continue to function as usual for the time being.
The Circle team has not specified an exact date for the official launch of the coin, with Allaire mentioning only that it will occur sometime “next week.”
The Base network attracted over 136,000 active users on Aug. 10, the day following its launch. On Aug. 25, Base announced its intention to share revenue and partially govern the forthcoming “Superchain,” which will include Base, Optimism, and other networks.
