Circle USDC has announced plans to deploy USDC on the Arbitrum network. The Arbitrum Foundation confirmed this in a recent statement. This decision is to enhance liquidity and optimize user experience.
Ethereum's layer 2 scaling solutions are increasingly attracting attention from the community. In addition to Optimism, Arbitrum is also a prominent layer 2 name recently. According to DefiLlama, the total value locked (TVL) on Arbitrum reached $2.3 billion.
The launch of USDC on the Arbitrum network will take place on June 8. This marks a major milestone for Circle and the stablecoin ecosystem.
One of the key benefits of the implementation is the integration of the cross-chain protocol (CCTP) bridge.
This implementation is intended to facilitate quick and efficient switching between Arbitrum and Ethereum. At the same time, it also creates conditions for users to deposit and withdraw money in the most convenient way.
Furthermore, the implementation also guarantees users a 1:1 ratio backed by Circle's reserve assets. This ensures the stability and security of USDC, further strengthening USDC's position.
With USDC being deployed on Arbitrum, it continues to demonstrate Circle's ambitions in the market. In May, Circle launched Euro Coin (EUROC) a stablecoin pegged to the Euro on Avalanche.
As the second largest stablecoin in the market, Circle aims to gain market share from its rival Tether.
