Why are there 2 different USDC's on Arbitrum?

Understanding native vs. bridged

Native USDC is officially issued by Circle and always redeemable 1:1 for US dollars.

In the case of Arbitrum, there also exists a “bridged” form of USDC, known as USDC.e, that’s been bridged from Ethereum. USDC.e is not issued by Circle.

Native USDC on Arbitrum:

• Token Name: USD Coin
• Token Symbol: USDC
• Token Address: 0xaf88d065e77c8cC2239327C5EDb3A432268e5831

Bridged USDC on Arbitrum: (from Ethereum)

• Token Name: Bridged USDC
• Token Symbol: USDC.e
• Token Address: 0xFF970A61A04b1cA14834A43f5dE4533eBDDB5CC8