The CEO of Circle, Jeremy Allaire announced that its dollar stablecoin, USD Coin, will launch natively on the Base network “next week.” The current USD Base Coin (USDbC), which is used as a stand-in by the majority of users, will be replaced by the new version.
On Agugsut 29, Jeremy posted on twitter, now branded as “X” that the new version will replace the current USD Base Coin (USDbC) that most users rely on as a substitute.
The new version will solve the problem faced by users, as right now they are unable to deposit cash into a Circle account and receive equivalent USDC on Base. But now, thanks to the base team, users are allowed to bridge USDC from Ethereum via an official bridge app.
The new token issued by the bridge is called “USDbC” and is backed by the USDC, locked on the Ethereum chain.
Circle will shortly start issuing USDC on Base, removing the need for a bridged coin backed by the Ethereum version. Though no official date has been announced for the launch, Allaire stated only that it will happen sometime “next week.
The current Base bridge that issues USDbC will continue to operate normally for the time being.
The Contract for the new USDbC token has already been deployed to Base. The team is expected to explain how the current USDbC can be redeemed for native USDC at the time of launch.
The team is currently working with various other apps in the ecosystem to ensure a smooth transition for liquidity providers.
Also Read: Circle To Launch USDC On Six New Chains Including Base
