Optimism and Circle Partnership Introduces Native USDC to OP Mainnet

2:49 pm
August 31, 2023

Optimism, a layer 2 blockchain network, and Circle, the issuer of USDC, have joined forces to bring native support for USDC to OP Mainnet. This partnership is expected to facilitate institutional on and off-ramps for Optimism.

Summary

Optimism and Circle have announced a collaboration that will enable native support for USDC on the Optimism blockchain. This integration will replace the Ethereum-bridged USDC and provide users with a dollar-backed token that is fully reserved and redeemable 1:1 for US dollars. The introduction of native USDC on OP Mainnet is expected to enhance the broader Optimism ecosystem and expand institutional on and off-ramps.

USDC Liquidity to Boost Optimism Ecosystem

With the launch of native USDC on the Optimism mainnet, USDC becomes the official form of the stablecoin for the network. The availability of USDC liquidity will eventually replace the Ethereum-bridged USDC, which will be referred to as USDC-e on block explorers. According to Circle, the native integration of USDC on Optimism allows users to access a fully reserved and redeemable token, strengthening the institutional on and off-ramps. This move follows Circle’s successful implementation of native USDC launch on Arbitrum and Base.

The reaction to the news has been relatively muted, with OP trading near $1.48 and experiencing a 0.5% decrease in the past 24 hours. CoinGecko data shows that OP price has fluctuated between $1.41 and $1.59 over the past week, currently down 5.3% during this period.

FAQs

What is Optimism?

Optimism is a layer 2 blockchain network that aims to solve scalability issues on the Ethereum network by utilizing optimistic rollups.

What is USDC?

USDC is a stablecoin issued by Circle that is pegged to the US dollar. Each USDC token is backed by a corresponding USD held in reserve.

What does this partnership mean for Optimism users?

The partnership between Optimism and Circle means that users of the Optimism blockchain will have native support for USDC. This will provide them with a stablecoin that is fully reserved and always redeemable for US dollars. It will also enhance the institutional on and off-ramps for Optimism, making it easier for institutions to transact with the network.

How will this integration impact the broader Optimism ecosystem?

The introduction of native USDC on OP Mainnet is expected to boost the broader Optimism ecosystem by providing increased liquidity and a stablecoin that is widely recognized and trusted. This will attract more users and institutions to the network, further driving its growth and adoption.

What other blockchain networks have implemented native support for USDC?

In addition to OP Mainnet, Circle has also launched native support for USDC on Arbitrum and Base. These integrations aim to expand the availability and accessibility of USDC across different blockchain networks.


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