Bitcoin
$63,898.60+0.20%
Ethereum
$3,061.49-0.52%
Binance Coin
$557.09+0.72%
Solana
$144.61+2.95%
XRP
$0.50122526-0.25%
Toncoin
$6.27-0.53%
Dogecoin
$0.15110109-0.02%
Cardano
$0.46807750+2.53%
Shiba Inu
$0.00002261-1.05%
Avalanche
$34.96-0.47%
Wrapped Bitcoin
$63,935.22+0.13%
Tron
$0.11024184+0.71%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
03
HR
19
MIN
49
SEC
Technology

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.

By Sage D. Young
AccessTimeIconJun 8, 2023 at 3:34 p.m. UTC
VolumeMuteUnmute
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sage D. Young
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.

Follow @httpsageyd on Twitter

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 consensus.coindesk.com to register and buy your pass now.