Circle Broadens Availability of USDC on Layer 2 Networks Including OP Mainnet and Base
In Brief
In a bid to make its stablecoin, USDC, more accessible, Circle has rolled it out natively on Layer 2 blockchain solutions like OP Mainnet and Base.
Stablecoin issuer Circle has taken a pivotal step in enhancing the accessibility of its dollar-backed stablecoin, USDC, by deploying it natively on Layer 2 blockchains OP Mainnet and Base.
Previously, to carry out transactions involving USDC on these platforms, users had to rely on a bridge via the Ethereum network, often leading to higher transaction costs. However, thanks to this new deployment, users will now enjoy direct access to USDC on/off ramps on OP Mainnet and Base by linking their accounts directly with Circle.
OP Mainnet and Base are both innovative Layer 2 solutions that aim to boost the scalability of Ethereum applications using Optimistic Rollups, built on the OP Stack framework. Together, these platforms have accumulated an impressive total value of over $1 billion.
Native USDC Supply on OP Mainnet and Base
Reports indicate that the supply of USDC on OP Mainnet is just shy of 25 million, while Base boasts about 19.8 million.
Circle's strategic initiative has broadened the reach of its native USDC stablecoin across a massive total of 11 different blockchains, including Ethereum, Solana, Arbitrum, Polygon PoS, Tron, and Polkadot.
Circle had previously announced On August 29th, Circle announced exciting plans to deploy USDC on Base, a newly launched Layer 2 platform built by Coinbase.
With the rollout of USDC on these networks, users can enjoy the critical capability of exchanging USDC for U.S. dollars on a one-to-one basis. Additionally, it has paved the way for a seamless and institutional-grade on and off-ramp for these networks.
Going forward, USDC tokens moved from Ethereum will be listed as USDbC on Base and USDC.e on Optimism.
Base Becomes a Popular Choice for USDC Deployment
The choice to implement USDC on Base is closely tied to Coinbase's recent investment in Circle. Built on the OP Stack, Base fortified this partnership. It’s worth noting that Optimism and Base have entered into a revenue-sharing agreement. August 28th Under this agreement, Optimism is set to earn either 15% of Base’s gross profits or 2.5% of total sequencing revenue, whichever figure is higher.
In exchange, Base has the opportunity to access up to 2.75% of the OP token supply to participate in the governance of Optimism and Superchain. This collaborative effort initiated an early stage of development. OP token grant to Base on August 30th.
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