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Stablecoin issuer Circle announced launching USDC natively on Arbitrum on June 8th. The latest move will replace the currently circulating bridged version of the stablecoin that comes from Ethereum. USDC…
USDC stablecoin developer Circle will replace the current version of its token with one running natively on the Arbitrum network.
Over the past year, Circle's USD Coin has seen its market share decline from 34.88% to 23.05%. Tether's USDT shows a contrasting picture.
Given the uncertainty in the macroeconomic environment, Bitcoin price bulls have no reason to bet against a six-week descending wedge pattern.
Tether and Circle have been leading lobbying efforts among stablecoin issuers as they push for legislation and regulations for stablecoins.
Wormhole is a cross-chain messaging protocol often used to transfer assets from one blockchain to another.
The financial advisory and accounting firm also revealed that Tether held roughly $3.4 billion worth of precious metals.
The new protocol burns coins on the sending chain, and mints new ones on the receiving chain.
The market cap of USDC, a stablecoin issued by Circle, has reduced nearly by half over the past six months following a regulatory crackdown and banking crisis.
Tether supply across cryptocurrency exchanges has dropped 28% in 2023, however, hinting at an overall decline in demand for stablecoins.