Coinbase’s Base network launched on Aug. 9. At the time, no native version of USD Coin (USDC) existed on the network. Users could not deposit cash into a Circle account and receive equivalent USDC on Base. To solve this problem, the Base team allowed users to bridge USDC from Ethereum via an official bridge app. The token issued by the bridge is called “USDbC” and is backed by native USDC locked on the Ethereum network.
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Source: Cryptocurrency - investing.com
