Dive into the thrilling saga of USDC's expansion to Base and Optimism networks, amidst a backdrop of escalating competition in the stablecoin realm, marked by newer launches and shifting market dynamics.
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USDC's Landmark Launch on Base and Optimism Networks
Circle's USD Coin (USDC) has now natively launched on both the Base and Optimism networks.
This significant move allows Circle account holders to send their USDC to either network directly from their accounts.
A social media post from September 5th highlighted that Coinbase has also enabled the transfer of USDC to Base.
Circle claims to be collaborating with "ecosystem partners" to devise a system for users to swap their older bridge-version USDC with the new official version.
Coinbase's Initial Hurdles with Base Network Integration
While Coinbase's Base network was introduced on August 9th, initially, neither Coinbase users nor Circle account holders could transfer USDC to the Base network.
Base users had to rely on a bridge version of USDC named "USDbC" for dollar transactions.
On August 29th, Jeremy Allaire, Circle's CEO, announced the availability of the native USDC "next week", without specifying an exact date.
Current Status Post Official Launch
According to the announcement made on September 5th, the coin is now natively available on Base.
The same day, the option to transfer USDC to Base began appearing on the Coinbase interface.
Despite this official launch, many decentralized exchanges on the network, including Uniswap, BaseSwap, Aerodrome, and Maverick, still use the older coin version.
When users choose the stablecoin option, these platforms continue to display the older contract address.
USDC's Debut on Optimism and Competition in the Stablecoin Arena
The announcement also highlighted that USDC has been launched on Optimism, serving as an alternative to the previously used USDC.e token.
Similar to Base, it appears that the DEX on Optimism has not yet integrated the new version.
In the wake of losing market share to Tether (USDT) in early 2023, Circle is mounting a comeback.
The competition has intensified over the summer with the launch of two new stablecoins.
First Digital USD (FDUSD) was launched in June, with Binance beginning its promotions in August. Additionally, PayPal introduced the PayPal USD (PYUSD) stablecoin on August 7th.
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