In an official communication, Circle has announced its plans to introduce native USDC on the Base platform, marking it as the official manifestation of USDC within its ecosystem. Over time, Circle anticipates the growth of liquidity for native USDC on Base and the potential displacement of the currently circulating bridged USDC from Ethereum, known as USDbC liquidity.
Regarding the migration of liquidity, Base will collaborate with ecosystem applications to facilitate a seamless transition from USDbC to native USDC. The Base Bridge will not undergo immediate changes and will continue to operate as usual.
Circle has outlined the following benefits for developers and users resulting from the introduction of native USDC on Base:
Full reserves with a 1:1 USD peg.
Facilitation of institutional on/off-ramps.
Previously, insider sources revealed that USDC is set to launch on six new blockchains, including Polygon PoS, Base, Polkadot, NEAR, Optimism, and Cosmos, via the Noble network.
Currently, USDC is already available on Ethereum, Avalanche, Arbitrum, Stellar, Algorand, Tron, Flow, Solana, and Hedera chains.