Circle Introduces Native USDC Tokens on the Polygon Blockchain

Stablecoin provider Circle has unveiled a groundbreaking development, officially initiating the minting of USD Coin (USDC) directly on Polygon, the Ethereum layer-2 scaling protocol.

Unlike previous methods requiring users to bridge USDC from Ethereum to alternative blockchains, this native integration on Polygon streamlines accessibility. Circle Mint and Circle’s developer APIs now fully support USDC on Polygon, capitalizing on the platform’s superior scaling capabilities.

This strategic move empowers businesses and developers to construct decentralized applications with USDC on Polygon, promising lightning-fast, low-fee transactions. These advancements open the door to a plethora of applications, spanning payments, remittances, trading, and lending.

Previously, users had to rely on bridged USDC (USDC.e) from Ethereum, a token not issued by Circle. The new native Polygon USDC offering is distinct, ensuring redeemability at a 1:1 ratio for United States dollars.

Before this announcement, Circle supported deposits and withdrawals for USDC.e on Polygon through Circle Mint and its APIs. However, the service is slated to cease on November 10. Circle has issued a warning to users, stating that attempting to send USDC.e to Circle Mint accounts after this date could result in irretrievable assets.

Additionally, Circle anticipates that this native integration will revolutionize global payments and remittances, as well as democratize trading, borrowing, and lending activities on top decentralized finance protocols like Aave, Compound, Curve, Uniswap, and QuickSwap.

In a forward-looking move, Circle intends to launch a cross-chain transfer protocol to Polygon, enhancing interoperability with other blockchain networks. This innovative protocol will facilitate seamless Polygon-based USDC transfers to and from the Ethereum blockchain, fostering a more connected and versatile ecosystem for digital transactions.

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