Circle plans to replace Ethereum-based USDC on the Arbitrum blockchain with a native version, starting June 8.
The goal of this endeavor, according to Circle, is to speed up transactions through the use of cross-chain transfer protocols .
CCTPs are protocols that handle the transfer of assets between blockchains, allowing users to unify liquidity and support both crypto and Web3 assets across portfolios. “This will enable USDC to move natively to-and-from Ethereum in minutes,” writes the Arbitrum team, adding “no more withdrawal delays.”
The changes to USDC comes as the overall market for stablecoins — cryptocurrencies such as USDC designed to trade at or close to the exact value of a fiat currency — has trended negatively for most companies in the space over the past 12 months.Circle’s been no exception, as it saw its own market share decline significantly over the past 12 months. USDC's market capitalization has shrunk from $55 billion to $29 billion over that period, according to Coingecko data.
One of the few outliers bucking the trend appears to be Tether, whose USDT stablecoin rose from a market share of 47.04% in 2022 to 65.89% in 2023, bringing its market capitalization to just over $83 billion.
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