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 The stablecoin with the second largest market capitalization can now be withdrawn through Circle Account and Circle API without the need for manual cross-chain bridge technology.
Circle Unveils Polygon-Backed USDC
Circle has revealed that USD Coin (USDC) is now hosted on the Polygon network and in addition means USDC is now available through nine different blockchain networks. Polygon is a large crypto ecosystem with over 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 molded when a native Ethereum version of USDC is bridged. Circle will support the widely used Polygon USDC and assets have been added to the Circle Account and Circle API. Polygon-backed USDC can be used to trade, borrow, lend, make and accept payments, and make programmatic payments.
Circle explained on Tuesday, “For businesses that want fast and efficient access to Polygon USDC, the Circle Account removes the costly and time-consuming process of manually bridging USDC from Ethereum to Polygon via Polygon Bridge. does.” “Instead, businesses can now convert fiat currency to Polygon USDC in seconds with a Circle account, and back to fiat in 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 with a market cap of $53.9 billion. During the past 30 days the market cap of USDC increased by 10.8% and during the past 24 hours, global trading volume has increased by $5.49 billion in constant currency.
The market valuation of USDC represents 4.14% of the net worth of the entire crypto economy. Circle’s announcement details that users taking advantage of Polygon USDC will benefit from “fast and efficient transactions, typically at a fraction of the cost of sending USDC over the Ethereum network.”
What do you think about USDC, the stablecoin backed by Polygon? Let us know what you think about this topic in the comment section below.
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