Circle is proud to announce the public launch of zkEvict, which includes USDC native on zkSync and is introduceable for developers and users without the need for any bridged movement. This integration unites two of the most prominent players in this segment—Circle Mint and Circle APIs—and USDC fully supports their versions on the zkSync platform.
zkSync, a prominent Layer 2 rollup, is making people’s heads turn with the usage of zero-knowledge technology in the Ethereum scaling process while saving the integrity of security. Off-chain processing is used by zero-knowledge rollups, limiting the data amounts submitted back to Ethereum, which leads to a remarkable quantity of transaction capacity.
This technology offers many benefits to business users and developers, including faster and cheaper transactions, built-in account abstraction for simple wallet recovery and subscription payments, and the ability to pay network fees in USDC. zkSync’s goal is to boost Ethereum’s scalability while preserving the core values of freedom, self-sovereignty, and decentralization.
On April 9, 2024, the zkSync ecosystem is already home to over 180 dApps and over 5.7 million unique active wallet addresses for the past 30 days, showcasing its gradual influence and uptake within the Ethereum network. Now that zkSync supports USDC, entities interested in DeFi and user-centric applications have a currency they can trust and use for many purposes, such as payments, remittances, trading, borrowing, and lending.
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It is essential to make clear distinctions between the native and bridged versions of USDC. USDC native, a currency that Circle directly issues is designed to support new blockchain networks, thus establishing a stable and reliable groundwork for developers. Native USDC is always redeemable on a 1:1 pillar for the dollar of the USA. On the other hand, USDC, which is bridged to zkSync, i.e., USDC.e, was initially issued by the Circle and transferred from Ethereum.
Developers willing to add USDC to the zkSync platform can use Circle’s migration document to migrate from the bridged USDC to the native USDC. It’s worth mentioning that sending bridged USDC.e from a Circle Mint account may result in permanent fund loss.
The listing of USDC on zkSync unlocks potential corridors for exchange platforms, digital wallets, institutional traders, and developers to utilize the token. The spectrum of possibilities also extended to cross-border payments and remittances at a lower cost worldwide and 24/7 trading on DEX and CEX platforms like Koi Finance, SyncSwap, and ZeroLend, as well as stable savings in digital dollars without the bank’s support.
Companies seeking to switch from fiat to USDC on zkSync can apply to a Circle Mint account. At the same time, our developers’ handbook will guide developers interested in developing with USDC on zkSync. USDC is a decentralized, unregulated, and neutral protocol that welcomes everyone to contribute to its ecosystem.
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Through this collaboration between Circle and zkSync, a significant step is being taken towards bringing the most stablecoins to Layer 2 solutions, eventually generating higher efficiency, better security, and accessibility for many crypto users worldwide.
