Circle to Introduce Native USDC On zkSync Network for Enhanced Liquidity
In Brief
Circle introduces USDC on the zkSync network to boost liquidity and replace bridged USDC liquidity from Ethereum via the zkSync Era Bridge.
Organization responsible for developing the US dollar-pegged stablecoin USDC, Circle, revealed plans to introduce USDC on the zkSync network. This move is anticipated to boost liquidity and gradually replace the bridged USDC liquidity from Ethereum via the zkSync Era Bridge.
The native USDC is regulated, fully reserved, and consistently redeemable at a 1:1 ratio for US dollars. It offers institutional on/off-ramps such as Circle Mint for eligible users and provides seamless integration to current decentralized applications (dApps).
Before the introduction of the native USDC, the Ethereum-based version of USDC on platforms such as zkSync Era Block Explorer will be relabeled as USDC.e. Additionally, outreach efforts will be made to ecosystem applications to ensure they update application user interfaces and documentation accordingly.
The bridged USDC, denoted as USDC.e token address, is 0x3355df6D4c9C3035724Fd0e3914dE96A5a83aaf4. The native USDC issued by Circle, identified as the USDC mainnet token address, is 0x1d17CBcF0D6D143135aE902365D2E5e2A16538D4, while its testnet counterpart has the address 0xAe045DE5638162fa134807Cb558E15A3F5A7F853.
Moreover, developers can now start preparing for integration by obtaining testnet USDC on zkSync Era Sepolia via Circle’s Testnet Faucet.
The liquidity migration on zkSync Era aims to gradually facilitate a seamless transfer of liquidity from USDC.e to USDC for ecosystem decentralized exchanges (DEXs) and dApps. The zkSync Era Bridge will remain unchanged for the time being, with no alterations.
zkSync Era Implements Changes to Withdrawal Process Preparing For Mainstream Adoption
zkSync is a Layer 2 protocol leveraging zero-knowledge technology and built-in account abstraction to enhance Ethereum‘s scalability. The project’s objective goes beyond simply boosting Ethereum’s throughput as it aims to uphold its fundamental principles of freedom, self-sovereignty, and decentralization on a broader scale. The zkSync Bridge functions as a native bridge for depositing tokens into zkSync.
Recently, zkSync Era announced changes to its withdrawal process, effective after March 31st, 23:59 UTC. Users initiating transactions to withdraw funds from the zkSync native bridge zkSync Bridge to the Ethereum mainnet will require an additional transaction to claim them on Ethereum. This adjustment aims to prepare the zkSync user experience for mainstream adoption while reducing intermediaries. It’s important to note that this change will not impact users bridging funds through third-party bridges.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.About The Author
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
More articles
Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
