- Arbitrum sees the launch of native USDC on its platform.
- Arbitrum dominates the L2 space with nearly 65% of the market share.
Arbitrum recently welcomed the arrival of a major stablecoin on its platform. Previously, users could only access the bridged version of this coin.
With this exciting development, one wonders if it will result in a surge of new users and greater adoption. Additionally, it would be interesting to know the current volume of stablecoins operating within the network.
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Native USDC comes live on Arbitrum
On 8 June, Arbitrum made an exciting announcement regarding the launch of native USDC on its platform. This news was further supported by Circle, the developer of USDC, who confirmed that their native token was now live on the platform. As part of this development, plans were implemented to gradually replace the bridged version of USDC with the native version.
Circle officially issues native USDC and guarantees a 1:1 redemption for US dollars. In addition to the native version, there is a bridged form of USDC on Arbitrum called USDC.e, derived from Ethereum. It’s important to note that Circle does not issue USDC.e. Currently, it is the largest Layer 2 (L2) platform.
Current inflow and stablecoin market cap on Arbitrum
When examining the inflow metrics of Arbitrum on DefiLlama, it became evident that the platform had experienced increased cash flow this year. According to the chart, the highest point was observed around March, with an inflow exceeding $361 million and an outflow of approximately $102 million.
As of this writing, the inflow stood at nearly $19 million, accompanied by an outflow of over $14 million.
Source: DefiLlama
Furthermore, there had been a notable upward trend in the stablecoin market cap on Arbitrum this year, particularly in February. As of this writing, Arbitrum had a stablecoin market cap of approximately $1.85 billion, with a slight upward trajectory indicated on the chart.
TVL and ARB price trend
As per the latest data from L2 Beat, Arbitrum presently boasts an impressive Total Value Locked (TVL) of approximately $5.66 billion. This notable figure solidified its position as the market leader, capturing over 64.8% of the Layer 2 (L2) market share.
– How much are 1,10,100 ARBs worth today
Furthermore, the ARB token, associated with Arbitrum, had been experiencing a slight gain. As of this writing, the ARB token was trading at around $1.1 on the daily timeframe chart, indicating a gain of over 1%.
Source: TradingView
