Circle, the issuer of the $48 billion stablecoin USDC, introduced Paymaster, a product allowing users to pay transaction fees on arbitrum and basis using the second-largest stablecoin instead of ether ( ETH), the second largest cryptocurrency.
Blockchain transactions require users to pay transaction fees which are used to compensate validators for processing and securing these transactions. Different blockchains often use different tokens, requiring users to manage an assortment of tokens across the 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 expected to expand to Ethereum, Polygon PO and Solana, charges users 10% of the gas cost for each transaction. Fees are waived until June 30 to encourage adoption.
