Circle Rolls Out Support for USDC Stablecoin on Arbitrum

Several key applications will support Arbitrum-based USDC like Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe and Uniswap.

AccessTimeIconJun 8, 2023 at 3:34 p.m. UTC

The stablecoin issuer Circle Internet Financial on Thursday rolled out its native USDC on Arbitrum, the leading layer 2 scaling solution for the Ethereum blockchain.

Arbitrum becomes the ninth blockchain to support USDC.

Businesses that have an account with Circle can now access Arbitrum USDC and “readily swap USDC across supported chains - avoiding the costs and delays associated with bridging,” said Circle’s official Twitter account. Several key applications will support Arbitrum USDC like Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe and Uniswap, according to the announcement.

The rollout of USDC on Arbitrum comes hot off the heels of the layer 2 scaling solution experiencing a bug yesterday in its Sequencer software that temporarily caused the network to stop confirming transactions on-chain.

Based on an early read of the data, the total supply of USDC on Arbitrum has already reached $27.6 million, though that’s still a tiny fraction of USDC’s total supply of roughly $28.5 billion, according to block explorer Arbiscan.

The price of ARB - the native governance token for Arbitrum - has dropped 1.5% to $1.14 in the past 24 hours, per CoinDesk data.

Edited by Bradley Keoun.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sage D. Young

Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.