Circle adds USDC Stablecoin on Arbitrum.

The stablecoin issuer Circle Internet Financial launched its native USDC on Arbitrum, which is the primary layer 2 scaling solution for the Ethereum blockchain, on Thursday.

USDC is now supported by nine blockchains, including Arbitrum.

Businesses with a Circle account can now access Arbitrum USDC and “easily swap USDC across supported chains – avoiding the costs and delays associated with bridging,” according to Circle’s official Twitter account. The announcement states that several key applications, such as Aave, Balancer, Camelot, blockchain, Curve, GMX, Radiant, Trader Joe, and Uniswap, will support Arbitrum USDC.

The rollout of USDC on Arbitrum comes soon after the layer 2 scaling solution experienced a bug in its Sequencer software yesterday, which temporarily halted the network from confirming transactions on-chain.

According to the block explorer Arbiscan, the total supply of USDC on Arbitrum has already reached $27.6 million, but that is still a small portion of USDC’s overall supply of roughly $28.5 billion, based on early data analysis.

According to CoinDesk data, the price of ARB, the native governance token for Arbitrum, has fallen 1.5 percent to $1.14 in the last 24 hours.

Edited by Bradley Keoun.