BitOasis Goes Live with USDC on Base

BitOasis, a digital asset platform serving the Middle East and North Africa, has enabled USDC deposits and withdrawals on the Base network, the Layer 2 blockchain developed by Coinbase. The integration gives BitOasis users direct access to USDC, a U.S.-regulated stablecoin issued by Circle, and to Base, which launched publicly in August 2023 and has become one of the most active networks in the crypto ecosystem.

USDC is designed to track the value of the U.S. dollar and is backed by reserves held in cash and short-term U.S. Treasury bonds, according to Circle. The issuer publishes monthly attestations of these reserves, providing transparency into the stablecoin's backing. Base, meanwhile, is an Ethereum Layer 2 network built on the OP Stack from Optimism. It uses a rollup architecture to bundle transactions and settle them onto Ethereum, allowing transfers to confirm in roughly two seconds while relying on Ethereum's security model.

What the integration offers

The move is intended to lower the cost and complexity of using stablecoins. Sending USDC on Ethereum mainnet can cost several dollars or more during periods of congestion, while transactions on Base are typically significantly cheaper. Faster settlement times also make it easier for traders to move capital between exchanges or react quickly to market conditions, according to BitOasis.

In addition, holding USDC on Base gives users direct access to a growing ecosystem of decentralized applications built on the network. BitOasis says its platform acts as a regulated on-ramp and off-ramp, allowing users to convert between local currency and USDC without relying on multiple bridges or paying high Ethereum mainnet fees.

The exchange advises users to verify that external wallets or exchange addresses support the Base network before sending funds, noting that transfers made on an incorrect network can result in lost assets. BitOasis also emphasizes that standard security practices, including strong passwords and two-factor authentication, remain important.

The launch marks another step in BitOasis's strategy to offer faster and more affordable digital asset tools to its regional user base. The company says it will continue evaluating new networks, assets, and features that provide practical value to its customers.