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Circle is set to unveil its native version of USD Coin (USDC) on the recently launched Base network. CEO Jeremy Allaire confirmed the impending development in a social media announcement on August 29. This move comes as a strategy to phase out the existing USD Base Coin (USDbC), which has served as a stand-in for many users.
Base network, which Coinbase initiated on August 9, initially lacked a native version of the USDC. To overcome this limitation, the Base network offered a temporary solution by enabling users to transfer USDC from the Ethereum network via a sanctioned bridge application. The coin transferred through this bridge, dubbed USDbC, was anchored by USDC held in Ethereum.
In a detailed blog post that followed the August 29 announcement, Circle revealed that the smart contract for the native USDC version is already active on the Base network. Detailed steps will be shared with users on the official launch day, providing guidelines on how they can swap their current USDbC holdings for the new native USDC. The Base network also plans to liaise with different apps in the financial ecosystem to ensure that liquidity providers can effortlessly transition to the updated coin version.
For those who are still using the Ethereum-backed USDbC, there's no immediate cause for concern. The bridge application issuing this coin will continue functioning as usual for an unspecified period.
Circle has kept the exact timing of the native USDC launch under wraps. The only detail Jeremy Allaire has disclosed is that the official release will take place sometime in the week following the announcement.
It's worth noting that the Base network has shown substantial growth since its inception. The platform recorded an impressive 136,000 active users the day following its launch. Furthermore, on August 25, Base made public its plans to collaborate on governance and revenue-sharing with other networks like Optimism, as part of an upcoming "Superchain."
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