Circle's USD Coin (USDC) is now available on both Base and Optimism networks, enabling Coinbase account holders to transfer the stablecoin to Base for the first time.
Native USDC Launches on Base and Optimism
Circle account holders can now send USDC directly to Base or Optimism from their accounts. On September 5, Coinbase announced via social media that USDC transfers to Base were live. Circle is collaborating with ecosystem partners to facilitate the conversion of older bridged versions of USDC to the new native version.
"We're excited to bring native USDC to more chains, simplifying user experiences and reducing fragmentation."
— Circle (@circle) September 5, 2023
Key Features of the Expansion:
- Base Network Integration: Coinbase’s Base network launched on August 9, but native USDC transfers were unavailable initially. Users relied on a bridged version ("USDCbC") for transactions until the native launch.
- Optimism Upgrade: USDC replaces the previous "USDC.e" token on Optimism, though decentralized exchanges (DEXs) on both networks are still transitioning to the new contract.
Challenges with DEX Adoption
Despite the official release, major DEXs like Uniswap, BaseSwap, Aerodrome, and Maverick continue listing the older USDC contracts. Full integration across platforms is expected soon.
Circle’s Competitive Landscape
Circle faces growing competition in the stablecoin market:
- Tether (USDT): Dominated market share in early 2023.
New Entrants:
- FDUSD: Launched in June, promoted by Binance.
- PYUSD: PayPal’s stablecoin debuted on August 7.
👉 Explore how USDC compares to other stablecoins
FAQs
Q: How do I convert bridged USDC to the native version?
A: Circle is working with partners to enable seamless conversion—details to follow.
Q: Why are DEXs still using the old USDC contracts?
A: Integration delays are common during transitions; updates typically roll out within weeks.
Q: Is USDC on Base eligible for yield programs?
A: Yes, once fully integrated, native USDC will qualify for Circle and partner incentives.
Conclusion
This expansion strengthens USDC’s multichain utility, though adoption across DeFi platforms remains a work in progress. Circle continues to innovate amid rising competition, ensuring USDC stays relevant in the evolving stablecoin ecosystem.
👉 Learn more about stablecoin strategies
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1. USDC
2. Base Network
3. Optimism
4. Stablecoin
5. Circle
6. Coinbase
7. Bridged Tokens