The digital dollar stablecoin company Circle has revealed it will start producing USD Coin (USDC) directly on the Polygon blockchain network.
In a press statement on Tuesday, Circle shared that USDC can now be used by Polygon developers and users without needing to bridge the Ethereum version of the coin.
Stablecoins like USDC have become widely used in crypto for holding steady value. As the 2nd biggest stablecoin and 6th largest overall cryptocurrency, USDC provides millions of people a way to securely store funds.
By minting USDC natively on Polygon, Circle can offer businesses and developers easier on/off ramp access without expensive fees or lags from third-party bridges.
The integration with the Polygon PoS chain will make transacting with the popular USDC stablecoin faster and more efficient for the Polygon ecosystem.
Circle Mint and Circle’s developer APIs also fully support Polygon’s USDC. This allows swift, cost-effective transactions ideal for remittances, trading, and USDC-reliant dApps.
Previously, businesses had to use bridged USDC.e from Ethereum, which Circle didn’t issue and couldn’t be redeemed. The new native USDC on Polygon is redeemable 1:1 for US dollars.
Circle will discontinue USDC.e deposits/withdrawals on Polygon by November 10, 2023. It also plans a cross-chain transfer protocol through Polygon later this year.
Polygon PoS complements Ethereum’s security with faster settlements and lower costs. It has over 475 dApps and 300,000+ active wallets as of October 2023.
The USDC integration marks a major milestone for blockchain accessibility and efficiency. Users can now enjoy Ethereum’s security along with Polygon’s speed.
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