Optimism brings native USDC to OP Mainnet

• Optimism and USDC issuer Circle have introduced native help for USDC on OP Mainnet.
• The partnership is predicted to spur institutional on and off-ramps for Optimism.

Optimism will quickly have native help for USDC, the stablecoin issued by Circle. The event follows a partnership between the Ethereum layer 2 blockchain community and Circle, per particulars of the announcement.

We’re excited to be partnering with @circle to deliver native $USDC to OP Mainnet, additional enabling institutional on and off-ramps to and from Optimism.

References to Ethereum-bridged USDC will probably be modified to USDC.e so as to distinguish it from native USDC. https://t.co/r8lIQhJd3Z

— Optimism (✨🔴_🔴✨) (@optimismFND) August 30, 2023

USDC liquidity to spice up Optimism ecosystem

USDC’s native entry on the Optimism blockchain turns into the official type of the stablecoin for the community. This type of USDC liquidity will finally substitute the Ethereum-bridged USDC, which can within the meantime be labelled as USDC-e on block explorers.

In accordance with Circle, the launch of its stablecoin natively on the Optimism mainnet permits customers to entry a dollar-backed token “that’s totally reserved and all the time redeemable 1:1 for US {dollars}.” It additionally brings to customers institutional on and off-ramps, an element prone to enhance the broader Optimism ecosystem. Circle helped obtain the identical with native USDC launch on Arbitrum in June, and lately on Base.

Worth response to the information has largely been muted, with OP buying and selling close to $1.48 and down 0.5% prior to now 24 hours. On the time of writing, information from CoinGecko confirmed OP worth has fluctuated between $1.41 and $1.59 prior to now week, at the moment down 5.3% throughout this timeline.