USD Base Coin (Base - SuperChain Bridge)

USD Base Coin (USDbC) is a bridged version of USD Coin (USDC) that was used on Coinbase's Base network, a layer-2 (L2) solution for Ethereum. USDbC was developed to facilitate transactions in US dollars on the Base network, using a bridge that locked native USDC tokens on the Ethereum mainnet and issued USDbC on Base. This approach allowed Base users to have access to a USD-pegged stablecoin prior to the launch of a native USDC version on the network. The bridged USDbC served as an interim solution until a more seamless integration of the stablecoin could be achieved on Base.

The native version of USDC has since been launched on Base, which is part of a broader push by Circle, the issuer of USDC, to expand its reach across multiple blockchain networks. The introduction of native USDC has largely made USDbC obsolete, as Circle now provides direct support for USDC transactions on the Base and Optimism networks, enhancing interoperability and reducing dependency on bridging mechanisms (which can be more vulnerable to security risks).

USDbC was primarily used to facilitate U.S. dollar transactions on the Base network before native USDC was available. It provided a stablecoin option for users interacting with decentralised applications (DApps) on Base, allowing them to benefit from a more stable value compared to other cryptocurrencies. By providing a bridged USDC version, USDbC enabled Base users to conduct transactions and engage in activities such as decentralised finance (DeFi) without exposure to the volatility of traditional cryptocurrencies. This was particularly useful for liquidity providers and users engaging with decentralised exchanges (DEXs) and other DeFi services on Base.