Circle’s United States greenback stablecoin, USD Coin, will launch natively on the Base network “next week,” in keeping with an Aug. 29 social media put up from CEO Jeremy Allaire. The new model will change the present USD Base Coin (USDbC) that the majority customers rely on instead.
— Jeremy Allaire (@jerallaire) August 29, 2023
Coinbase’s Base network launched on Aug. 9. At the time, no native model of USD Coin (USDC) existed on the network. Users couldn’t deposit money right into a Circle account and obtain equal USDC on Base. To clear up this downside, the Base workforce allowed customers to bridge USDC from Ethereum by way of an official bridge app. The token issued by the bridge is known as “USDbC” and is backed by native USDC locked on the Ethereum network.
The Aug. 29 announcement states that Circle will quickly start issuing USDC on Base, finally removing the necessity for a bridged coin backed by the Ethereum model.
According to an accompanying weblog put up, the contract for the brand new token has already been deployed to Base. On launch day, the workforce will clarify how the present USDbC may be redeemed for native USDC. The workforce will additionally “work with ecosystem apps” to permit liquidity suppliers to “smoothly transition” to offering liquidity for the brand new coin, and the present Base bridge that points USDbC will proceed to function usually in the meanwhile.
The Circle workforce has not introduced a particular date for the coin’s official launch, as Allaire acknowledged solely that it will occur someday “next week.”
The Base network gained over 136,000 active users on Aug. 10, the day after its launch. On Aug. 25, Base introduced it will share its revenue and partly govern the upcoming “Superchain” consisting of Base, Optimism and different networks.