USDC has been prominent in the cryptocurrency scene for a considerable time as one of the leading stablecoins. Ranked among the top five cryptocurrencies by market capitalization according to Coingecko.com. Therefore, in this study, we will analyze the key role played by this stablecoin within the Arbitrum, Avalanche, Optimism, and Polygon ecosystems. This study aims to inform readers about Mint/Burn activity, Wallet Balances, Transfer Activity, and Swap Activity across these Layer 2 (L2) networks from 01/01/23 - 31/05/23.

Some chains in our study are native USDC chains, meaning Circle supports these chains, namely: Arbitrum and Avalanche. However, on some chains, USDC exists as bridged tokens, namely: Optimism and Polygon. It is important to note that we use the bridged USDC on Arbitrum for our analysis. This is because Arbitrum only became a native USDC chain on 08/06/2023, which falls outside the time scope of this study. This is because Arbitrum only became a USDC native chain on 08/06/2023 which is out of the time scope of this study. Additionally, for the purpose of this study, we assume that 1 USDC is equal to $1. Circle states that each token is backed by a fiat USD.