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

Summary

Starting from Sept 5, 2023, PayTrie will offer USDC-OP as a Native Token, and deprecate support for USDC-OP 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 Optimism was originally minted on the Ethereum network and bridged over to the Optimism 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 Optimism on Sept 5, 2023. Starting from Sept 5, 2023, PayTrie will also offer USDC as a Native Token on the Optimism network.

What does this mean for current USDC-OP holders?

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

What will happen to Bridged USDC on Optimism?

PayTrie will continue to support the redemption of Bridged USDC on Optimism until Sept 12, 2023. After that, holders of Bridged USDC on Optimism will need to bridge their USDC back to the Ethereum network to exchange their tokens for CAD.

Resources

Existing (Bridged) USDC contract: https://optimistic.etherscan.io/token/0x7f5c764cbc14f9669b88837ca1490cca17c31607

New (Native) USDC contract: https://optimistic.etherscan.io/token/0x0b2c639c533813f4aa9d7837caf62653d097ff85