1. BITBILIHome
  2. Article

USD Coin officially expands ecosystem with native launch on Base and Optimism networks

• 151 views

TL;DR Breakdown

  • USD Coin (USDC) has expanded its ecosystem by launching natively on both the Base and Optimism networks, a strategic move by Circle to regain market share lost to competitors like Tether (USDT).
  • The native launch allows for seamless transactions, enabling Circle and Coinbase account holders to directly send USDC to either network. Circle is also working on a system to swap old, bridged versions of USDC for the new, official versions.
  • The move comes amid increasing competition in the stablecoin market, with Circle facing new entrants like First Digital USD and PayPal USD. The native launch is part of a broader strategy to improve user experience and regain footing in the competitive landscape.

Description

In a strategic move to bolster its market presence, USD Coin (USDC) has launched natively on both the Base and Optimism networks. The announcement came on September 5, marking a significant milestone for Circle, the company behind USDC, seeking to regain market share lost to competitors like Tether (USDT). A leap toward seamless transactions The … Read more

In a strategic move to bolster its market presence, USD Coin (USDC) has launched natively on both the Base and Optimism networks. The announcement came on September 5, marking a significant milestone for Circle, the company behind USDC, seeking to regain market share lost to competitors like Tether (USDT).

A leap toward seamless transactions

The native launch of USDC on these networks allows Circle account holders to send the stablecoin directly from their accounts to either network. This development also extends to Coinbase users, who can now transfer USDC to the Base network. Prior to this, users on the Base network had to rely on a bridged version of USDC, known as “USDbC,” to conduct U.S. dollar transactions.

Circle is also collaborating with ecosystem partners to develop a system that would enable users to swap old, bridged versions of USDC for the new, official versions. This initiative aims to streamline transactions and offer a more efficient user experience. Despite the official launch, several decentralized exchanges on both networks continue to use the old version of the coin, indicating a transitional phase for the stablecoin’s integration.

Facing the competitive landscape

The launch comes at a crucial time for Circle, as it faces increasing competition in the stablecoin market. Earlier this year, the company lost market share to Tether (USDT). Moreover, the stablecoin landscape saw the introduction of new players like First Digital USD (FDUSD) in June and PayPal USD (PYUSD) in August. The native launch on Base and Optimism networks is part of Circle’s broader strategy to regain its footing in the competitive stablecoin arena.

The move also provides a replacement for the USDC.e token previously used on the Optimism network. However, decentralized exchanges on Optimism have yet to integrate the new version, signaling that the transition is still in progress.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:USD Coin officially expands ecosystem with native launch on Base and Optimism networks

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月6日 16:33
Next 2023年9月6日 18:08

Related articles

  • US Government unveils new rules for crypto exchanges, exempts miners and validators

    TL;DR Breakdown US Treasury proposes regulations for crypto exchanges to disclose client transactions from 2026 to curb tax evasion. Proposed rules require reporting from crypto brokers but exempt miners and validators. Public comment period open until October 30, 2023, with a hearing on November 7, 2023, for industry feedback. Description The US Treasury Department, in collaboration with the Internal Revenue Service (IRS), has released proposed regulations that would require US-based cryptocurrency exchanges to disclose detailed information on their clients’ transactions starting in 2026. This move aims to curb crypto-related tax evasion and bring more transparency into customer trades, aligning with the government’s efforts to crack … Read more The US Treasury Department, in collaboration with the Internal Revenue Service (IRS), has released proposed regulations that would require US-based cryptocurrency exchanges to disclose detailed information on their clients’ transactions starting in 2026. This move aims to curb crypto-related tax evasion and bring more transparency into customer trades, aligning with the government’s efforts to crack down on tax cheats. Stricter reporting requirements for Crypto brokers Under the proposed rules, platforms that facilitate…

    Article 2023年8月26日

  • Germany pushes for universal crypto oversight

    TL;DR Breakdown Germany emphasizes the need for global, consistent cryptocurrency regulations. European Union’s MiCA is a significant step, but localized rules are inadequate. Rupert Schaefer of BaFin likens crypto assets to unidentified flying entities needing monitoring. Description Amid the accelerated embrace of cryptocurrency regulations within the European Union, a pivotal voice emerges from the heart of Europe – Germany. The nation, known for its economic leadership, is making it clear: localized rules aren’t enough. It’s time to bring the world under a consistent and all-encompassing cryptocurrency regulatory umbrella. The EU’s Leap and … Read more Amid the accelerated embrace of cryptocurrency regulations within the European Union, a pivotal voice emerges from the heart of Europe – Germany. The nation, known for its economic leadership, is making it clear: localized rules aren’t enough. It’s time to bring the world under a consistent and all-encompassing cryptocurrency regulatory umbrella. The EU’s Leap and the World’s Lag While the European Union exhibited proactive measures with the approval of Markets in Crypto-Assets (MiCA), this landmark achievement doesn’t suffice. It’s a sentiment echoed by Rupert Schaefer,…

    Article 2023年9月20日

  • Unmasking Threat: UN Report Raises ‘Serious and Urgent’ Concerns About AI Deepfakes

    TL;DR Breakdown UN report identifies AI-generated deep fakes as a significant threat to information integrity, particularly on social media. Urgent action is needed to address the rapid advancements in generative AI and develop voluntary guidelines to ensure responsible use and combat the spread of false information. In a recently published report, the United Nations (UN) has emphasized the urgent need to address the proliferation of artificial intelligence-generated deepfakes, which pose a significant threat to information integrity, particularly on social media platforms. The UN has called for stakeholders in the AI community to take immediate action and develop voluntary guidelines for responsible AI use.  Additionally, the report will serve as a foundation for the creation of a UN Code of Conduct for Information Integrity on Digital Platforms, to be discussed at the upcoming Summit of the Future in September 2024. As concerns grow over the impact of generative AI, global leaders such as former UK Prime Minister Tony Blair and Conservative Party politician William Hague are advocating for a new UN framework to address the challenges posed by AI technology. Contents…

    Article 2023年6月16日

  • De-risking with China is not going well for EU

    TL;DR Breakdown The EU’s efforts to reduce economic ties with China are faltering. Imports, including sensitive tech, from China to the EU have surged. The US has made more progress in decreasing dependency on China. Description The ambitious European Union initiative to minimize its economic dependency on China seems to be unraveling at the seams. Despite overt efforts by the EU to “de-risk” its economic ties due to heightened tensions, evidence suggests the opposite trend: deepening economic interdependence. Increased dependency despite strained relations In the midst of global shifts and political … Read more The ambitious European Union initiative to minimize its economic dependency on China seems to be unraveling at the seams. Despite overt efforts by the EU to “de-risk” its economic ties due to heightened tensions, evidence suggests the opposite trend: deepening economic interdependence. Increased dependency despite strained relations In the midst of global shifts and political maneuvers, China’s export prowess continues to surge. From 2018 to 2022, the value of goods pouring into the EU from the global export juggernaut almost doubled. This uptick in imports is…

    Article 2023年8月9日

  • Credit Suisse loses top talent to competitors

    TL;DR Breakdown Credit Suisse has lost over 120 senior investment bankers to competitors recently. The largest share of hires has gone to Deutsche Bank, Jefferies, and Santander. The wave of departures has helped UBS, which took over Credit Suisse, by reducing redundancy package costs. Description As a recent wave of talent migration sweeps through the financial industry, Credit Suisse stands at the eye of the storm. Over 120 of its senior investment bankers have been lured away by competitors, marking an accelerating trend that paints a complex picture of the post-takeover landscape. Losses mitigate redundancy impact for UBS UBS, the … Read more As a recent wave of talent migration sweeps through the financial industry, Credit Suisse stands at the eye of the storm. Over 120 of its senior investment bankers have been lured away by competitors, marking an accelerating trend that paints a complex picture of the post-takeover landscape. Losses mitigate redundancy impact for UBS UBS, the Swiss banking giant that absorbed its counterpart in June, initially braced for substantial redundancy packages. However, the wave of departures has ironically…

    Article 2023年7月15日
TOP