USDC Set to Go Live on Base Network in the Coming Week, According to Jeremy Allaire

Circle’s USD Coin (USDC) is set to make its native debut on the Base network in the upcoming week, as revealed in a social media update by CEO Jeremy Allaire on August 29. This strategic move will see the new version of USDC replacing the current USD Base Coin (USDbC), which has been serving as an interim solution for most users.

The Base network, introduced by Coinbase on August 9, initially lacked a native implementation of USD Coin (USDC). Consequently, users were unable to directly convert their deposited funds into equivalent USDC on Base. To tackle this challenge, the Base team introduced a bridge mechanism allowing users to transfer USDC from Ethereum using an official bridge app. The resulting token, “USDbC,” was collateralized by native USDC locked on the Ethereum network.

The recent announcement on August 29 signifies Circle’s imminent plans to launch native USDC on the Base network. This strategic move aims to eliminate the dependency on the bridged coin backed by the Ethereum-based version.

Accompanying this announcement is a blog post detailing the deployment of the new token’s contract onto the Base network. Upon launch, users will be provided with instructions on how to exchange their existing USDbC for native USDC. The Circle team will collaborate with ecosystem applications to facilitate a seamless transition for liquidity providers to support the new coin. During this transition period, the existing Base bridge responsible for issuing USDbC will continue operating as usual.

Although Circle has refrained from specifying an exact launch date, Allaire’s statement indicated that the unveiling is slated for sometime during the upcoming week.

Since its introduction, the Base network has rapidly garnered traction, amassing more than 136,000 active users on August 10, the day following its launch. Additionally, on August 25, Base unveiled plans to share its revenue and play a governance role in the forthcoming “Superchain,” which will encompass Base, Optimism, and other interconnected networks.

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