Circle Internet Financial has announced the rollout of its native USDC on Arbitrum, the leading layer-2 scaling solution for the Ethereum blockchain. This makes Arbitrum the ninth blockchain to support USDC. Businesses with an account with Circle can now access Arbitrum USDC and readily swap USDC across supported chains – avoiding the costs and delays associated with bridging, according to the official Twitter account. Popular applications such as Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe, and Uniswap will support Arbitrum USDC.
The rollout of USDC on Arbitrum follows a bug in the Sequencer software of the layer-2 scaling solution that temporarily caused the network to stop confirming transactions on-chain. According to Arbiscan, the total supply of USDC on Arbitrum has already reached $27.6 million, though this is still a small fraction of USDC’s total supply of roughly $28.5 billion. The price of ARB – the native governance token for Arbitrum – has dropped 1.5% to $1.14 in the past 24 hours.