The second biggest stablecoin issuer Circle decided to replace USDC on Ethereum with USDC on Arbitrum.
USDC is the second biggest stablecoin in the crypto industry just after USDT. Circle is the financial management firm behind this stablecoin. This stablecoin firm is highly regulated under the jurisdiction of the United States (US).
On 1 June 2023, Circle announced that it will launch USDC stablecoin as a native token on the Arbitrum network on 8th June.
This stablecoin firm will rename the original USDC on Ethereum by USDC.e. and USDC on Arbitrum will be launched as bridged USDC.
With the successful launch of USDC on Arbitrum, crypto users will be able to transfer USDC natively among Ethereum, Arbitrum & Arbitrum supported networks
The latest development efforts is a part of the current trending need for stablecoin. The main purpose of stablecoin is to transfer funds or trade against crypto assets, without any direct involvement of banks at a very low cost.
The last three months brought a highly challenging environment for Circle. Because some of the dominant crypto friendly US bank’s bankruptcies, the USDC users got into panic & also the surging regulatory pressure in the US degraded the confidence of customers from USDC.
The whole negative situation resulted in a better outcome for the top stablecoin USDT (Tether).
In the first quarter of this year, Tether generated record revenue.
The current market cap of USDT stablecoin is $83.2 billion & this is the highest since the launch of USDT stablecoin in the crypto sector.
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