Coinbase and Circle – the company behind USDT’s largest competitor, USDC – have been working together closely since the beginning.
Although USDC could already be used on the Base network by using USDbC – a USDC token backed by liquidity on the Ethereum network – USDC will now become native on the Base network.
By eliminating the bridge, Circle aims to clear up any doubts regarding the reserves backing the bridged USDC tokens and to make it easier for institutional investors to manage their holdings across both networks. “USDC issued by Circle will be native to Base and can be considered the official form of USDC for the ecosystem. Over time, we expect native USDC liquidity will grow and may replace the currently circulating bridged USDbC liquidity that comes from Ethereum.”
Eventually, USDbC will probably be deprecated, although such a decision would probably be taken far off into the future.“There will be no immediate changes to Base Bridge and it will continue to operate normally.”Once the Base-native version of USDC is launched, more information for developers on how to transition to the new network will be provided by the
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