Jeremy Allaire, CEO of Circle, co-issuer of the stablecoin USDC, has announced the company intends to launch the stablecoin next week on Base, a second-tier solution powered by crypto exchange Coinbase.
The move will reportedly see the abandonment of the "bridge" USDbC version, which was backed by a blockchain equivalent on the Ethereum network and acted as a temporary solution.
The stablecoin’s native smart contract has already been implemented in Base. The project team will explain on launch day how to convert USDbC into a new token.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
The developers will be in close contact with other dApps in the ecosystem in order to facilitate a smooth transition of liquidity providers. The USDbC issuer bridge will continue to operate as normal.
Coinbase opened the Base mainnet to the public last August 9.