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Stablecoin issuer Circle says the dollar-pegged USDC is now out there natively on layer-2 Ethereum (ETH) scaling protocol zkSync.
In a sequence of posts on social media platform X, zkSync says that, in contrast to the USDC that was beforehand bridged on its platform, native USDC is completely different.
“It’s backed by Circle with further advantages:
Regulated, totally reserved, and at all times redeemable 1:1 for US {dollars}
Institutional prospects can mint and redeem USDC by Circle Mint https://circle.com/en/circle-mint
Simple integration into present apps.”
zkSync says the native USDC might be labeled USDC whereas the prevailing bridged USDC might be renamed as USDC.e on block explorers, a decentralized utility (dApp) interface and bridge.
“Over time, native USDC will exchange the presently circulating provide of USDC.e. To try this, customers and establishments can swap from USDC.e to USDC on their most well-liked DEX (decentralized change).”
Third-party bridges and centralized exchanges will help USDC deposits and withdrawals, however the native zkSync bridge will solely help USDC and USDC.e withdrawals.
With the event, Circle says that USDC is now supported on 16 blockchain networks.
The monetary know-how agency says it expects many main ecosystem apps and decentralized finance (DeFi) protocols to help native USDC on zkSync for funds, buying and selling and lending, together with automated market maker (AMM) change Koi Finance, lending platform ZeroLend and the decentralized change SyncSwap.
“Companies and establishments can entry on/off-ramps for USDC on zkSync with Circle Mint and its APIs. Circle Mint additionally makes it simple to deposit USDC from one supported chain and withdraw USDC on one other – avoiding the prices and delays of third-party bridging.”
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