Circle’s own stablecoin, USDC, will be launched natively on the Base Network next week according to an official announcement. As per the announcement, the new version of USDC would completely eliminate the need for USDbc which most users use as a substitute. The integration of USDC in Base would offer a series of advantages for both users and developers. Among the many advantages is the expansion of liquidity as native USDC gains traction within the ecosystem.
Native $USDC on @BuildOnBase. Coming next week. #StableSeptember. Let's go! https://t.co/oqfI0ZZhCn
— Jeremy Allaire (@jerallaire) August 29, 2023
Perks of USDC Integration on Base
Through the elimination of the USDbc, the Base network aims to establish a self-sustaining ecosystem where transactions, as well as value transfers, occur natively within the network. At the same time, reducing overall dependency on external bridges with the integration of USDC would play a considerable role in enhancing efficiency, security, as well as scalability.
Furthermore, the migration process from bridged USDbc to native USDC would be managed by the Base network in collaboration with ecosystem apps. This would be done in an effort to ensure a seamless and efficient transition of liquidity.
Apart from the expected overall boost to the network’s financial infrastructure, the integration of the stablecoin would also create a series of additional opportunities for developers. They would be able to harness the power of the stablecoin’s functionality within their decentralized applications. At the same time, the integration is also expected to simplify the integration of fiat currency and cryptocurrency for institutional investors, which would further broaden the appeal of the Base network.
USDC Integration Would Take Time for Results
It is necessary to keep in mind that the integration of the stablecoin would not make any immediate impact on the Base network. Instead, it would continue to operate normally for the time being to ensure uninterrupted functionality for users. Overall, the integration of the stablecoin marks an important development for the protocol.
While migration from USDbc to USDC serves as a major challenge, the Base team is committed to managing the process seamlessly and managing any hiccups that come along the way. As of now, no specific date has been announced for the launch of the stablecoin on the platform.
The Base network managed to gain more than 136,000 active users a day after its launch. Furthermore, Base announced that it would share its revenue and partially govern the upcoming superchain which would consist of Base, Optimism, and several other networks.
