Circle’s Native USDC Offering on Polygon
Crypto finance giant Circle has announced it is now natively minting USD Coin (USDC) on the Ethereum layer-2 scaling protocol Polygon. This means businesses and developers can now access USDC without bridging it from Ethereum to another blockchain, and use the token for various use cases such as payments, remittances, trading, borrowing and lending.
Circle’s Mint and developer application programming interfaces (APIs) now support Polygon-based USDC, which will enable near-instant, low-fee transactions. The USDC token is redeemable at a 1:1 ratio for United States dollars and is issued by Circle.
Before Circle’s native Polygon USDC offering, protocol users had to use bridged USDC (USDC.e) from the Ethereum blockchain. However, with the new offering, developers and users can now leverage the power of Polygon’s scaling capabilities.
Circle Discontinues USDC.e Support
Circle Mint and its APIs will no longer support deposits and withdrawals for USDC.e on Polygon starting Nov. 10. The company has warned users that their assets may be unrecoverable if sent to Circle Mint accounts after this date.
The introduction of native Polygon USDC will allow for low-cost global payments and remittances, in addition to access to decentralized finance protocols such as Aave, Compound, Curve, Uniswap and QuickSwap.
Circle is also working on launching a cross-chain transfer protocol to Polygon, which will enable USDC transfers between the Ethereum blockchain and Polygon.
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