We’re Migrating To The Native USDC-ARB Token!

Summary:

Starting from July 7, 2023, PayTrie will offer USDC-Arbitrum as a Native Token, and deprecate support for USDC-Arbitrum as a Bridged Token.

What is USDC?

USD Coin (USDC) is a digital stablecoin pegged to the United States dollar. USDC is managed by a consortium called Centre. All minted USDC is backed by a dollar held in reserve or by other approved investments.

What is a Bridged Token vs. a Native Token?

A Bridged Token is an asset bridged from another network. For example, USDC on Arbitrum was originally minted on the Ethereum network and bridged over to the Arbitrum network as a Bridged Token. To redeem a Bridged Token, it needs to be bridged back to the original network.

A Native Token is an asset that can be minted and redeemed on the chain where it is native. Circle launched USDC as a Native Token on Arbitrum on June 8, 2023. Starting from July 7, 2023, PayTrie will also offer USDC as a Native Token on the Arbitrum network.

What does this mean for current USDC-Arbitrum holders?

While both USDC-Arbitrum Bridged and USDC-Arbitrum Native are valid representations of USDC, we anticipate that over time, the Native version will be recognized as the main USDC within the Arbitrum ecosystem as the community migrates away from the Ethereum-bridged USDC.

What will happen to Bridged USDC on Arbitrum?

PayTrie will continue to support the redemption of Bridged USDC on Arbitrum until July 6, 2023. After that, holders of Bridged USDC on Arbitrum will need to bridge their USDC back to the Ethereum network to exchange their tokens for CAD.

Resources:

Existing (Bridged) USDC contract: https://arbiscan.io/token/0xff970a61a04b1ca14834a43f5de4533ebddb5cc8

New (Native) USDC contract: https://arbiscan.io/token/0xaf88d065e77c8cC2239327C5EDb3A432268e5831