References to Ethereum-bridged USDC will be changed to USDC.e in order to distinguish it from native USDC. https://t.co/r8lIQhJd3Z
— Optimism (???_???) (@optimismFND) August 30, 2023
USDC liquidity to boost Optimism ecosystem
USDC’s native access on the Optimism blockchain becomes the official form of the stablecoin for the network. This form of USDC liquidity will eventually replace the Ethereum-bridged USDC, which will in the meantime be labelled as USDC-e on block explorers.
According to Circle, the launch of its stablecoin natively on the Optimism mainnet allows users to access a dollar-backed token “that’s fully reserved and always redeemable 1:1 for US dollars.” It also brings to users institutional on and off-ramps, a factor likely to boost the broader Optimism ecosystem. Circle helped achieve the same with native USDC launch on Arbitrum in June, and recently on Base.
Price reaction to the news has largely been muted, with OP trading near $1.48 and down 0.5% in the past 24 hours. At the time of writing, data from CoinGecko showed OP price has fluctuated between $1.41 and $1.59 in the past week, currently down 5.3% during this timeline.
