Circle, the issuer of the stablecoin usd coin (USDC), announced that the project is now supported on the Polygon network. The stablecoin with the second-largest market capitalization can now be withdrawn via a Circle Account and Circle APIs without the need for manual cross-chain bridge technology.
Circle Reveals Polygon-Supported USDC
Circle has revealed that usd coin (USDC) is now hosted on the Polygon network and the addition means USDC is now available via nine different blockchain networks. Polygon is a large crypto ecosystem with more than 19,000 decentralized applications (dapps) and 2.7 million monthly active wallets as of May 2022.
The new Polygon USDC is a bridged version of USDC that is minted when a native Ethereum version of USDC is bridged. Circle will support the widely used Polygon USDC and the asset has been added to Circle Account and Circle APIs. Polygon-supported USDC can be used for trading, borrowing, lending, making and accepting payments, and making programmatic payouts.
“For businesses that want fast and efficient access to Polygon USDC, the Circle Account abstracts away the costly and time-consuming process of bridging USDC from Ethereum to Polygon manually via the Polygon Bridge,” Circle explained on Tuesday. “Instead, businesses can now convert fiat currency to Polygon USDC in seconds with the Circle Account, and convert back to fiat currency the same way.”
Polygon Network to Benefit USDC Users by Providing ‘Fast and Efficient Transactions’
At the time of writing, USDC is the second-largest stablecoin asset by market capitalization with $53.9 billion. USDC’s market cap increased by 10.8% during the last 30 days and during the past 24 hours, the stablecoin has seen $5.49 billion in global trade volume.
USDC’s market valuation represents 4.14% of the entire crypto economy’s net value. Circle’s announcement details that users leveraging Polygon USDC will benefit from “fast and efficient transactions, typically at a fraction of the cost of sending USDC on the Ethereum network.”
What do you think about the stablecoin USDC being supported by Polygon? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Author: Jamie Redman