Alisa Davidson
Revealed: March 05, 2025 at 10:21 am Up to date: March 05, 2025 at 10:21 am
Edited and fact-checked:
March 05, 2025 at 10:21 am
In Temporary
Linea would be the first blockchain to have Circle’s Bridged USDC Commonplace upgraded to native USDC and acquire help for CCTP V2 following its mainnet launch.
World fintech firm and stablecoin issuer Circle has introduced the launch of native USDC on the zkEVM Layer 2 blockchain Linea.
Linea, a zkEVM Layer 2 blockchain developed by ConsenSys, is designed to scale Ethereum whereas sustaining its safety and decentralization. Since its launch in July 2023, Linea has shortly gained traction, securing over $183 million in Complete Worth Locked (TVL) throughout greater than 400 purposes and processing 250 million transactions, making it the biggest zkEVM blockchain by complete worth secured.
With this new launch, Linea will turn into the primary blockchain to transition seamlessly from bridged USDC to native USDC with out requiring any motion from builders or customers. Moreover, Linea would be the first blockchain to help CCTP V2, following its upcoming mainnet launch on Avalanche, Base, and Ethereum. CCTP V2 introduces a burn-and-mint course of, permitting for safe, capital-efficient USDC transfers throughout blockchains, with faster-than-finality settlement and improved good contract composability for post-transfer operations, all with out the necessity to lock liquidity.
Linea, as one of many early adopters of the Bridged USDC Commonplace, showcased some great benefits of this method by minimizing liquidity fragmentation. It did so by making a single unified model of bridged USDC for the ecosystem to make the most of. This customary performed a key position in jumpstarting exercise throughout the Linea ecosystem, with greater than $19 million in bridged USDC, making up over 71% of its stablecoin circulation.
The transition to native USDC will present vital advantages to Linea’s builders, purposes, and customers. This improve ensures a seamless expertise by eliminating the necessity for ecosystem training or liquidity migration incentives. After the improve, bridged USDC (USDC.e) on Linea will robotically be transformed to native USDC (USDC), with no requirement for code adjustments or asset swaps by purposes or token holders.
Native USDC, together with CCTP V2, gives a number of essential options, together with regulatory compliance, being absolutely reserved, and redeemable on a 1:1 foundation for US {dollars}. It additionally supplies entry to institutional on/off-ramps through Circle Mint for eligible companies. The mixing of native USDC into each new and present apps will likely be easy, enabling quick, safe, and environment friendly cross-chain transactions.
How The Improve Will Be Applied
The improve course of, anticipated to take roughly 1-2 weeks. First, on March 16, Linea will pause the bridging exercise for bridged USDC (USDC.e) on its predominant bridge between Ethereum and Linea, whereas making certain any pending transactions are settled. Different bridging routes won’t be affected by this pause.
Subsequent, Linea will switch the possession of the bridged USDC contract to Circle, which is able to pave the best way for the improve to native USDC. Following this, Circle will launch CCTP V2 on Linea, establishing connections to Avalanche, Base, and Ethereum for environment friendly and seamless cross-chain transfers of USDC.
All through this improve interval, bridged USDC (USDC.e) on Linea will stay absolutely useful for buying and selling, spending, and swapping. Customers will have the ability to swap USDC.e for any supported asset and bridge to different blockchains through third-party bridging suppliers.
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About The Creator
Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.
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Alisa Davidson
Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.
Extra articles
