After a tumultuous two-year period, the corporate bond between Coinbase and Circle has reached a pinnacle. Impressively, Coinbase has now secured a minority share in Circle.
Circle Has Visionary Plans for USDC
Earlier this season, Circle unveiled its strategy to enhance the technical prowess of USDC, setting the stage for its imminent and futuristic projects. The latest chapter in this evolving saga? The impending upgrade was freshly announced.
On August 29th, Circle’s head honcho, Jeremy Allaire, dropped a significant revelation: USDC is set to debut on the Base network soon.
Previously, one could harness USDC on the Base network through USDbC—a unique USDC token anchored by Ethereum liquidity. Now, USDC will transition, establishing its inherent presence on the Base network.
Circle envisions erasing ambiguity around the reserves underpinning the bridged USDC tokens by sidelining the intermediary bridge. The result? A streamlined method for institutional aficionados to harmonize their assets across both networks.
As Allaire articulates, “USDC, when issued by Circle, will inherently belong to Base, standing as USDC’s quintessential avatar for this environment. As days roll on, we foresee the surge of native USDC liquidity, potentially eclipsing the prevalent bridged USDbC liquidity stemming from Ethereum.”
The timeline for phasing out USDbC remains hazy, leaning towards a distant horizon.
Status Quo for Base Bridge
For now, Base Bridge remains unaltered, persisting in its established operations. Allaire assures, “The existing dynamics of the Base Bridge remain undisturbed, with operations trudging on as usual.”
Post the inauguration of Base’s inherent USDC version, Circle plans to disseminate crucial data to developers. As revealed in a Circle press brief, that will guide their transition to this fresh terrain.
The Base ensemble remains committed, aligning with dApp developers eager to integrate seamlessly with the Base network.
Recently, Base has witnessed exponential user influx, amassing over 100k enthusiasts in a mere day and eclipsing a million in a fortnight. Yet, challenges persist, including deceptive ‘rug pulls‘ and dubious tokens. Overcoming those negative connotations will be a significant uphill battle.
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