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USDC Launches Natively On Arbitrum Circle highlighted the numerous benefits of the native USDC launch, including the elimination of bridge withdrawal delays, an upgradeable smart contract for future enhancements, and the possibility for institutional on and off-ramps. advertisement Read More: U.S. Futures Rise Signaling Potential Market Rally For AI & Crypto In a thread on Twitter, Circle emphasized that the native USDC on Arbitrum will remain fully reserved and always redeemable 1:1 for US dollars, ensuring stability and trust in the digital asset. Additionally, according to the official statement released, the Arbitrum team was quoted as saying: Ahead of the launch of native USDC on June 8th, Arbitrum will be renaming the Ethereum-bridged version of USDC on block explorers as “USDC.e”. Recommended Articles Crypto Presale Projects For 2023 To...

The stablecoins with the largest market cap are pegged to the U.S. dollar, so what risk does de-dollarization pose to stablecoin users? It is an empirical fact that the United States dollar is continuing to lose its dominant role as the global reserve currency, but what might happen to the stablecoin market should it be superseded? According to data from the International Monetary Fund, the U.S. dollar now accounts for just over 58% of global foreign exchange reserves, a considerable decrease from the 71% share it had in 2001. Global foreign exchange reserves from 1999 to 2021. Source: IMF Jeremy Allaire — the CEO of USD Coin (USDC) issuer Circle — highlighted this shift at the April 26 Consensus 2023 conference, arguing that the U.S. must implement stablecoin legislation and digitize the U.S. dollar to remain competitive amid the “very active de-dollarization taking place.” De- dollar ization refers to the process of reducing the use of the U.S. dollar in a country’s economy, and ...