The addition of a native Polygon USDC will allow traders to instantly convert their fiat deposits to USDC. It will also allow businesses and developers to use Circle’s payments and treasury platform to accept instant payments in Polygon USDC.
On Tuesday, June 7, Fintech giant Circle announced that it shall soon bring its native USDC stablecoin to the Ethereum Layer-2 scalability platform, Polygon blockchain. Thus, with Polygon USDC in place, users will no more need to bridge their stablecoins from the Ethereum mainnet to Polygon.
Bridging USDC from Ethereum to Polygon is cumbersome and technically challenging for ordinary users. Furthermore, it’s slower than typical ETH transactions and also incurs Ethereum mainnet gas fee.
On the other hand, the Polygon blockchain is very popular as an Ethereum Layer-2 scalability platform. the blockchain now hosts more than 20,000 DApps as of date. Thus, the addition of a native Polygon USDC will allow traders to instantly convert their fiat deposits to USDC. This is one of the key requirements in NFT applications and DeFi use cases.
The development also makes Polygon USDC as the first bridged version of USDC to gain support on Circle’s platform. It will also allow businesses and developers to use Circle’s payments and treasury platform to accept instant payments in Polygon USDC. Speaking of the development, Jeremy Allaire, CEO and Co-founder of Circle said:
“Polygon is an attractive entry point for businesses and developers to build in an established and liquid ecosystem with faster settlement times and reduced costs. Supporting Polygon USDC in the Circle Account and Circle APIs is another step toward making USDC interoperable across more leading blockchains, helping foster greater adoption for dollar digital currency on the internet.”
USDC’s Growth in Crypto
Circle’s USDC stablecoin came to the market in 2018 and is now the second-largest stablecoin with a market cap of $53.8 billion. As of date, USDC also serves as a multi-chain stablecoin. USDC is also available on popular blockchain networks such as Ethereum, Stellar, Algorand, Stellar, Solana, Tron, Avalanche, Flow and Hedera. Sandeep Nailwal, co-founder of Polygon said:
“We are excited to see one of the fastest-growing dollar digital currencies in the space become available on Polygon. Polygon USDC will enable businesses and exchanges in our ecosystem to expand the DeFi community further, providing their growing user base a seamless and cost-effective experience.”
Throughout 2022, USDC has continued to expand its market presence while that of Tether’s USDT has been shrinking. Circle has issued nearly $12-billion in new USDC stablecoins so far in 2022.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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