USDC on Arbitrum One
Arbitrum One supports two different types of USDC:
- Arbitrum-native USDC (USDC): USDC tokens native to the Arbitrum One chain.
- Bridged USDC (USDC.e): Ethereum-native USDC tokens that have been bridged to Arbitrum One.
Differences between USDC and USDC.e
| Arbitrum-native USDC | Bridged USDC | |
|---|---|---|
| Token Name | USD Coin | Bridged USDC |
| Token Symbol | USDC | USDC.e |
| Token Address | 0xaf88d065e77c8cC2239327C5EDb3A432268e5831 | 0xff970a61a04b1ca14834a43f5de4533ebddb5cc8 |
| Benefits | CEX Support, directly redeemable 1:1 for U.S dollars |
The Arbitrum Bridge will continue to facilitate transfers of all USDC tokens. When depositing Ethereum-native USDC, the option exists to receive Bridged USDC using Arbitrum's bridge or Arbitrum-native USDC using Circle’s Cross-Chain Transfer Protocol.
Historical context
Arbitrum One has supported Bridged USDC since conception, with over a billion Bridged USDC currently in circulation. On June 8th 2023, Circle added support for the Cross-Chain Transfer Protocol and launched Arbitrum-native USDC, which enables direct minting and burning of Arbitrum-Native USDC on Arbitrum One. Due to this, the Bridged USDC token symbol was renamed from USDC to USDC.e to accommodate Arbitrum-native USDC. Although most platforms have better support for Bridged USDC, the expectation is that this will change over time. At a later date, there will be incentives implemented to help facilitate the conversion of Bridged USDC to Arbitrum-native USDC.