The stablecoin issuer Circle Internet Financial on Thursday rolled out its native USDC on Arbitrum, the leading layer 2 scaling solution for the Ethereum blockchain.
Arbitrum becomes the ninth blockchain to support USDC.
Businesses that have an account with Circle can now access Arbitrum USDC and “readily swap USDC across supported chains – avoiding the costs and delays associated with bridging,” said Circle’s official Twitter account. Several key applications will support Arbitrum USDC like Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe and Uniswap, according to the announcement.
The rollout of USDC on Arbitrum comes hot off the heels of the layer 2 scaling solution experiencing a bug yesterday in its Sequencer software that temporarily caused the network to stop confirming transactions on-chain.
Based on an early read of the data, the total supply of USDC on Arbitrum has already reached $27.6 million, though that’s still a tiny fraction of USDC’s total supply of roughly $28.5 billion, according to block explorer Arbiscan.
The price of ARB – the native governance token for Arbitrum – has dropped 1.5% to $1.14 in the past 24 hours, per CoinDesk data.