According to a tweet on the evening of June 7Circle has officially announced that it will distribute its stablecoin, the US Dollar Coin (USDC) on the Polygon blockchain.
With the even further integration of USDC, consumers can now make uncomplicated payments with Polygon USDC or convert USDC to fiat in seconds. USDC exists as a stablecoin multi-chain and utilised on the most important Ethereum network, Algorand, Solana, Stellar, Avalanche, Flow, Tron, Hedera and Polygon are the most recent blockchains on which the coin is implemented.
one/eight Circle is proud to announce help for @ 0xPolygon USDC on the Circle platform!
Businesses can now deposit and withdraw #PolygonUSDC making use of Circle Account and Circle API, no guide bridging is necessary. https://t.co/RlwvcBbuYO
– Circle (@circlepay) June 7, 2022
Polygon USDC is the “bridged” model of USDC. Previously, to move USDC from Ethereum to Polygon, we had to manually use the Ethereum-Polygon bridge. This bridge is mentioned to be very cumbersome for lots of individuals for the reason that it slows down ETH transactions and carries large fuel charges.
Known as a Tier two alternative for Ethereum scaling, Polygon is developed to electrical power Ethereum-based mostly decentralized applications (dApps). As of May 2022, Polygon hosts in excess of 19,000 dApps and in excess of two.seven million month to month lively portfolios.
Circle CEO and co-founder Jeremy Allaire shared in a statement why the business extra USDC to Polygon. Allaire mentioned:
“Polygon USDC and Circle API support is another step in bringing USDC closer to leading blockchains, helping to accelerate the widespread adoption of this digital USD in the internet space.”
Anthoni Martin, small business manager of Polygon Technology, shared an interview with Decrypt who expects Polygon USDC to give a smooth consumer practical experience. In addition, they have also integrated automated payment for this coin.
Martino extra:
“In the medium and long term, we see this option as a great move for international trade, for remittances in different countries.”
For the corporate or institutional trader section, basically by owning a Circle account and the Circle API, consumers can accessibility Polygon USDC and use them for lots of actions this kind of as:
- Trade on top rated exchanges like Binance and FTX.
- Trade, borrow and lend on DeFi protocols like Aave and Uniswap.
- Payments for NFT and gaming platforms.
- Make other payment transactions globally.
At the finish of May, Tether also produced a related move when it distributed USDT on Polygon. Tether announces the inclusion of USDT on Polygon This network will considerably maximize the means to transfer worth into the ecosystem.
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