Circle, the issuer of the $48 billion USDC stablecoin, introduced Paymaster, a product that allows users to pay for Arbitrum and Base transaction fees using the second largest stablecoin instead of ether (ETH), the second largest cryptocurrency.
Blockchain transactions require users to pay transaction fees that are used to compensate validators for processing and securing these transactions. Different blockchains often use different tokens, forcing users to manage an assortment of tokens on different chains.
Paymaster accepts USDC and then handles native token payments to blockchain validators, the company said in a blog post.
The service, which is set to expand to Ethereum, Polygon POS, and Solana, charges users 10% of the gas cost for each transaction. The fee is being waived until June 30 to encourage adoption.
