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Stablecoin issuer Circle has taken a major step in enhancing the accessibility of its dollar-backed stablecoin, USDC, by deploying it natively on Layer 2 blockchains OP Mainnet and Base.
Beforehand, transactions involving the USDC on these networks necessitated a bridge via the Ethereum community, probably incurring larger charges. Nevertheless, with this newest deployment, companies can now immediately make the most of on/off-ramps for USDC on OP Mainnet and Base networks by seamlessly connecting their accounts with Circle.
OP Mainnet and Base, each Layer 2 networks designed to amplify the scalability of Ethereum functions, leverage Optimistic Rollups and are developed utilizing the OP Stack. Collectively, they host a powerful complete worth of over $1 billion.
Native USDC Provide on OP Mainnet and Base
The present provide of native USDC on OP Mainnet totals slightly below 25 million, whereas on Base, it stands at 19.8 million, as per stories.
Circle’s strategic transfer has expanded the supply of its native USDC stablecoin to a grand complete of 11 blockchains. These embrace Ethereum, Solana, Arbitrum, Polygon PoS, Tron, and Polkadot.
Circle had beforehand introduced on August twenty ninth that the stablecoin would quickly deploy on Base, the just lately launched Layer 2 platform by Coinbase.
The deployment of USDC on these networks offers customers with the dear skill to redeem USDC one-to-one for U.S. {dollars}. Moreover, it establishes an institutional on and off-ramp for these networks.
USDC tokens transferred from Ethereum will now be traded underneath the USDbC ticker on Base and the USDC.e ticker on Optimism transferring ahead.
Base Emerges as a Favored Vacation spot for USDC Deployment
The choice to deploy USDC on Base aligns with Coinbase’s latest funding in Circle. Base, constructed utilizing the OP Stack, an open-source framework for Layer 2 deployment by Optimism, solidified this partnership. Notably, Optimism and Base solidified a revenue-sharing settlement on August twenty eighth. Based on the phrases, Optimism is ready to obtain both 15% of Base’s gross income or 2.5% of complete sequencing income, whichever is bigger.
In return, Base good points the chance to safe as much as 2.75% of the OP token’s provide for participation in Optimism and Superchain governance. This collaborative effort noticed Optimism provoke an preliminary OP token grant to Base on August thirtieth.