Polygon USDC, a bridge version of USDC hosted on Ethereum, will now be available to make remittances and withdrawals on the Circle platform. The latter is a peer-to-peer payment technology company and also a stablecoin issuer.
Polygon, on the other hand, is Ethereum’s leading layer-two network. Statistics from last month show that it supports over 19,000 dApps and over 2.7 million monthly active wallets.
Circle Polygon adds support for USDC
With the new development, Circle users can now conduct Polygon USDC transactions through their Circle accounts or through the Circle API.
Previously, clients of the company had to manually ‘unbridge’ Polygon USDC to cash out Ethereum USDC. Similarly, they had to ‘re-pull’ Ethereum USDC to Polygon USDC to save time and cost on transactions made. That’s where Polygon USDC came in.
Polygon makes transactions on Ethereum cheaper, faster and more efficient. Polygon USDC offers similar benefits.
Individuals and entities can now make or accept Polygon USDC payments on Circle accounts, the announcement reads. They can easily convert fiat to USDC or vice versa on the platform. The cross-chain swapping feature is available on seven other blockchains, including Algorand, Solana, Stellar and Avalanche.
In addition to easing payments across businesses, DeFi, GameFi and NFT platforms, the new features also enable trading on major exchanges such as Binance. All these developments boost crypto adoption, especially for upcoming users.
take on the payments industry
Both Circle and Polygon have taken a number of broad strides in the payments industry. Recently, Twitter partnered with fintech giant Stripe to enable crypto payments. There is a similar collaboration between Polygon and blockchain payment provider Wire for the fiat-USDC on-ramp facility.
Circle, on the other hand, is used by many entities to make payments, including fintech giants Checkout.com and FIS. Per a February report, the stablecoin can also be used to buy stocks on brokerage provider Voyager Digital. Recently, MoneyGram partnered with Stellar Blockchain to enable USDC remittances and cash withdrawals directly from users’ Stellar wallets.
After Terra’s algorithmic stablecoin UST went up in smoke, many expressed fears of similarity to other stablecoins, including USDC. However, Dan Dispart, Chief Strategy Officer of Circle, pointed out that USDC, unlike UST, is fully backed by a dollar reserve. He also cautioned that some projects were using the term ‘stablecoins’ without any verifiable stability.
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