Base launched on Aug. 9 without a native version of Circle’s stablecoin, which resulted in a bridged version having to be used instead.
. At the time, no native version of USDC existed on the network. Users could not deposit cash into a Circle account and receive equivalent USDC on Base. To solve this problem, the Base team allowed users to bridge USDC from Ethereum via an official bridge app. The token issued by the bridge is called “USDbC,” and is backed by native USDC locked on the Ethereum network.
The Aug. 29 announcement states that Circle will soon begin issuing USDC on Base, eventually doing away with the need for a bridged coin backed by the Ethereum version.
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