Base Network Gears Up For USDC Integration, Circle CEO Jeremy Allaire Confirms
30 August 2023 - 4:00AM
NEWSBTC
Circle’s CEO Jeremy Allaire has announced that USDC will be
launched natively on the Base Network platform next week. Allaire
took to social media platform X (formerly known as Twitter) to
share this news, emphasizing the benefits and implications of this
integration. Circle also confirmed the announcement, stating that
USDC issued by Circle will be considered the official form of USDC
for the Base Network ecosystem. They further highlighted that
native USDC will gradually replace the currently circulating
bridged USDbC liquidity that originates from Ethereum. Base
Network’s Native USDC Integration To Attract Capital? The
integration of native USDC on Base Network offers numerous
advantages for users and developers alike. Key among these benefits
is the expansion of liquidity, as native USDC gains traction within
the ecosystem. Related Reading: Ethereum In Bleak Situation?
Sharks & Whales Continue 4-Month Long Selloff An important
aspect of the integration is the potential replacement of bridged
USDbC (USD Coin on Ethereum) liquidity. Base Network aims to
establish a “self-sustaining” ecosystem, where transactions and
value transfers occur natively within the network. Per the
announcement, by reducing reliance on external bridges, the
integration of native USDC enhances efficiency, security, and
scalability, resulting in a more streamlined and user-friendly
experience. Notably, the migration process from bridged USDbC to
native USDC will be managed by Base Network in collaboration with
ecosystem apps to ensure a seamless transition of liquidity.
In addition to the expected boost to the network’s financial
infrastructure, the integration of native USDC aims to create new
opportunities for developers to leverage stablecoin functionality
within their decentralized applications (dApps). This
integration is also expected to simplify the integration of fiat
currency and cryptocurrency for institutional investors, further
broadening the appeal and utility of Coinbase’s Base. Importantly,
the integration of native USDC will not immediately impact Base
Bridge, which will continue to operate “normally”, ensuring
uninterrupted functionality for users, according to the
announcement made on Monday. Overall, The impending integration of
the stablecoin on the Base Network marks an important development
for the decentralized ecosystem. The introduction of USDC brings
potential benefits such as enhanced liquidity, streamlined value
transfer, and increased opportunities for developers. While
the transition from bridged USDbC to native USDC may present
challenges, Base Network is committed to managing the migration
process effectively and addressing any concerns. As the
launch of native Circle USD on Base Network approaches, industry
participants eagerly anticipate its potential impact on liquidity
dynamics and the broader cryptocurrency landscape. Related
Reading: Long-Term Bitcoin Holders Keep The Faith: 40% Supply
Remains Untouched For Over 3 Years While the integration holds
promise, it remains to be seen how successful it will be in
attracting users within the Base Network ecosystem. Featured image
from iStock, chart from TradingView.com
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