Circle Begins Minting USD Coin (USDC) on Polygon
Stablecoin issuer Circle has announced that it has started minting USD Coin (USDC) natively on the Ethereum layer-2 scaling protocol Polygon. This means that USDC is now accessible to users and developers without the need for bridging from Ethereum to another blockchain. Circle Mint and Circle’s developer APIs now support Polygon-based USDC, taking advantage of Polygon’s scaling capabilities.
Benefits of Native USDC on Polygon
According to Circle, businesses and developers can now build decentralized applications with USDC on Polygon. The new offering enables near-instant, low-fee transactions for various use cases such as payments, remittances, trading, borrowing, and lending.
Transitioning from Bridged USDC
Prior to this announcement, users of the Polygon protocol had to rely on bridged USDC (USDC.e) from the Ethereum blockchain. Unlike the bridged version, the native USDC offering from Circle will be redeemable at a 1:1 ratio for United States dollars.
Hot Take: Circle Expands Reach with Native USDC on Polygon
Circle’s move to mint USD Coin (USDC) natively on the Polygon layer-2 scaling protocol opens up new possibilities for businesses and developers. With near-instant, low-fee transactions, they can leverage USDC for various use cases without the need for bridging from Ethereum. This expansion enhances the accessibility and usability of USDC, providing a seamless experience for users and enabling innovation in decentralized applications. Circle’s commitment to offering native support on different blockchains demonstrates its dedication to expanding its reach and providing flexible solutions in the rapidly evolving crypto landscape.
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