Circle to Mint USD Coin (USDC) on Polygon Network
Circle, the stablecoin issuer, has announced its plans to mint USD Coin (USDC) directly on the Polygon network. This move allows users and developers to access USDC on the Ethereum layer-2 scaling solution, eliminating the need for bridged USDC from Ethereum. USDC is a popular stablecoin known for its ability to maintain a stable value. It is currently the sixth largest cryptocurrency and second-largest stablecoin by market cap.
Benefits of Circle’s Collaboration with Polygon
The collaboration between Circle and Polygon brings several advantages. Businesses and developers can now access on/off ramps for USDC on Polygon PoS, eliminating costs and delays associated with third-party bridging. Circle Mint and Circle’s developer APIs fully support USDC on Polygon, enabling swift and cost-effective transactions. This makes Polygon an ideal choice for remittances, trading, and decentralized applications that rely on stablecoins.
Native USDC on Polygon
Prior to this development, businesses had to use bridged USDC from the Ethereum blockchain, which couldn’t be redeemed. However, the new native USDC on Polygon can be redeemed at a 1:1 ratio for United States dollars. Circle will discontinue deposits and withdrawals of bridged USDC.e on Polygon through Circle Mint and its APIs starting November 10, 2023.
Cross-Chain Transfer Protocol and Circle’s Future Plans
In addition to minting USDC on Polygon, Circle plans to launch a cross-chain transfer protocol to connect with other blockchain networks via Polygon later in the year.
A Great Step for Circle
The integration of USDC on Polygon is a significant milestone in the blockchain industry. It combines the security and decentralization of Ethereum with the speed and efficiency of Polygon. As the cryptocurrency landscape evolves, innovations like this demonstrate the industry’s commitment to creating accessible and efficient financial systems for everyone.
Hot Take: Circle Expands USDC’s Reach on Polygon Network
Circle’s decision to mint USD Coin (USDC) directly on the Polygon network opens up new possibilities for users and developers. By leveraging Polygon’s scaling solution, businesses can enjoy faster and more cost-effective transactions with USDC. This collaboration eliminates the need for third-party bridging and provides a seamless experience for accessing and utilizing stablecoins on Polygon. With plans to launch a cross-chain transfer protocol in the future, Circle is further expanding USDC’s reach across different blockchain networks. This development showcases the industry’s dedication to innovation and creating more accessible financial systems.
By
By
By
By
