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Circle’s United States dollar stablecoin, , will launch natively on the Base network “next week,” according to an Aug. 29 social media post from CEO Jeremy Allaire. The new version will replace the current USD Base Coin (USDbC) that most users rely on as a substitute.
Coinbase’s Base network launched on Aug. 9. At the time, no native version of USD Coin (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 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.
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