Circle, the issuer of the stablecoin USD Coin (USDC), announced that the project is now supported on the Polygon network. The second-largest stablecoin by market capitalization can now be withdrawn through Circle Account and Circle API without manual cross-chain bridging technology.
Circle reveals polygon-backed USDC
Circle revealed that USD Coin (USDC) is now hosted on the Polygon network, meaning 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, minted while bridging the native Ethereum version of USDC. Circle will support the widely used Polygon USDC, and the asset has been added to Circle Account and Circle API. Polygon-backed USDC can be used to trade, lend, lend, make and accept payments, and make programmatic payments.
“For businesses looking to access Polygon USDC quickly and efficiently, Circle Account abstracts away the costly and time-consuming process of manually connecting USDC from Ethereum to Polygon via the Polygon Bridge,” Circle explained Tuesday. “Instead, businesses can now use Circle accounts to convert fiat to Polygon USDC in seconds and back to fiat in the same way.”
Polygon network benefits USDC users by offering “fast and efficient transactions”
At the time of writing, USDC is the second-largest stablecoin asset by market cap at $53.9 billion. USDC’s market capitalization has grown by 10.8% over the past 30 days, with the stablecoin’s global trading volume reaching $5.49 billion in the past 24 hours.
The market valuation of USDC accounts for 4.14% of the net worth of the entire crypto economy. Circle’s announcement details that users using 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 of the Polygon-backed stablecoin USDC? Let us know what you think about this topic in the comments section below.
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