Arbitrum has introduced USDC on Ethereum’s Layer 2 scaling solution.

Circle’s stablecoin, USDC, is now available on nine blockchains, including Arbitrum’s ecosystem, which enhances liquidity transfer. This move allows businesses using Circle to swap USDC between supported chains without the additional costs and time lags associated with bridging transactions. Recently, a bug in Arbitrum’s Sequencer software caused a temporary halt to on-chain transaction verification, but Circle’s USDC introduction on the network now enables users to take advantage of faster settlement times and lower costs. Arbitrum is one of Ethereum’s layer 2 scaling solutions, with a $2 trillion total value locked within its ecosystem.Utilizing Optimistic Rollup technology to increase transaction throughput for decentralized apps while maintaining Ethereum blockchain’s security features, the deployment of native USDC on Arbitrum by Circle maintains a 1:1 ratio with USD. A bridged USDC called USDC.e (not issued by Circle) is released by Arbitrum, and plans are in place to smoothly transition liquidity from USDC.e to USDC over time. Circle Account and Circle APIs provide access to Arbitrum USDC for various use cases, including programmable, quick, and global transactions, trading, lending, and borrowing on DApps such as Camelot, GMX, and Uniswap. Users can also use Arbitrum’s USDC for payments for e-commerce, NFT marketplaces, and gaming. The Circle Account and APIs significantly streamline the swapping process of USDC natively across the nine supported blockchains, such as Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe, and Uniswap.