Second Largest Stablecoin Now Supports Polygon Network
In a Tuesday press release, cryptocurrency-focused fintech firm Circle has brought its US Dollar Coin (USDC) stablecoin to the Polygon Network.
This marks the launch of the first Bridge version of the popular dollar-backed stablecoin.
Previously, users would have to bridge USDC from Ethereum to Polygon, but this time-consuming process is no longer required.
Due to the addition of Polygon-native USDC, Instructional traders can now instantly convert fiat deposits to the second largest stablecoin via the Circle account.
Sandeep Nelwal, co-founder of Polygon, says that Polygon USDC will make it possible for businesses and cryptocurrency exchanges to make cost-effective payments.
One of the leading stablecoins has further enhanced its interoperability, said Circle CEO Jeremy Allaire.The USDC stablecoin is also issued on Ethereum, Stellar, Algorand and many other blockchains.
Polygon has emerged as the top layer 2 scaling solution on top of the Ethereum chain.
With a market cap of $53 billion, USDC is the fourth largest cryptocurrency (after only Tether’s USDT, Ethereum and Bitcoin).
USDT, the world’s largest stablecoin, added support for the Polygon Network last month.