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Following two years of divided governance, the collaboration between the two firms has resulted in a new agreement, with Coinbase acquiring a minority interest in Circle.
This past summer, Circle revealed intentions to enhance USDC’s technical features to facilitate current and future initiatives – and the announcement of the next upgrade has just been made.
Stable September
On August 29th, Jeremy Allaire – the CEO of Circle – declared that USDC would be launched on the Base network in the upcoming week.
While USDC could previously be utilized on the Base network through USDbC – a USDC token supported by liquidity from the Ethereum network – USDC will now be integrated natively into the Base network.
By removing the bridge, Circle intends to eliminate any uncertainties regarding the reserves supporting the bridged USDC tokens and to simplify the management of holdings for institutional investors across both networks.
“USDC issued by Circle will be native to Base and can be regarded as the official version of USDC for the ecosystem. Over time, we anticipate that native USDC liquidity will expand and may supplant the currently circulating bridged USDbC liquidity sourced from Ethereum.”
Ultimately, USDbC may likely be phased out, although such a decision would probably be made well into the future.
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For now, the Base Bridge will continue to operate as it has been.
“There will be no immediate alterations to Base Bridge, and it will keep functioning normally.”
Transition Overseen By Base
Once the Base-native version of USDC is launched, additional information for developers on how to migrate to the new network will be shared by the BuildOnBase X account, as stated in a press release from Circle.
The Base team will maintain close collaboration with dApp developers who aim to fully transition to the Base network.
To date, Base has experienced remarkable growth, attracting over 100k users in a single day and reaching a million in less than two weeks.
To further extend its reach, Base has also entered into a superchain agreement with Optimism. Together, the two entities will share both the revenue and governance of the Optimism collective.
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