Circle’s CEO, Jeremy Allaire, announced on August 29th that their stablecoin, USD Coin (USDC), will be launching natively on the Base network in the upcoming week. This new version will replace the current USD Base Coin (USDbC) that users have been relying on as a substitute. The introduction of USDC on Base aims to address the issue of not having a native version of the stablecoin on the network, which previously required users to bridge USDC from Ethereum.
Coinbase’s Base network made its debut on August 9th, but it did not initially support native USDC. Users were unable to deposit cash into a Circle account and receive equivalent USDC on Base. To overcome this obstacle, the Base team introduced an official bridge app that facilitated the bridging of USDC from Ethereum. The bridged version, known as USDbC, was backed by native USDC locked on the Ethereum network.
According to Circle’s announcement, the new token contract for USDC on Base has already been deployed. On the launch day, the team will provide instructions on how users can redeem their existing USDbC for the native USDC. Additionally, Circle will collaborate with ecosystem apps to ensure a smooth transition for liquidity providers to support the new coin. In the meantime, the current Base bridge that issues USDbC will continue to operate normally.
Although Circle has not specified an exact date for the official launch of USDC on Base, CEO Jeremy Allaire mentioned that it will occur sometime in the next week. This eagerly awaited launch will enable users on the Base network to directly access and transact with USDC without the need for the bridged version.
The Base network has experienced significant growth since its launch, with over 136,000 active users recorded on August 10th. This surge in user adoption highlights the demand for a robust and reliable decentralized finance infrastructure. Furthermore, Base has announced plans to share its revenue and participate in the governance of the upcoming “Superchain,” which will involve Base, Optimism, and other networks.
The imminent launch of USD Coin on the Base network signifies an important milestone in the evolution of decentralized finance. By providing a native version of USDC, Circle and Base aim to enhance liquidity, accessibility, and convenience for users within the ecosystem. This development will greatly benefit individuals and businesses seeking to leverage the stability and utility of a dollar-backed stablecoin on the Base network.
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