Circle, the issuer of the stablecoin usd coin (USDC), announced that the project is now supported on the Polygon network. The stablecoin with the second-largest market capitalization can now be withdrawn via a Circle Account and Circle APIs without the need for manual cross-chain bridge technology.
Circle Reveals Polygon-Supported USDC
Circle has revealed that the usd coin (USDC) is now hosted on the Polygon network and this addition means that 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 that is minted when a native Ethereum version of USDC is bridged. Circle will support the widely used Polygon USDC and the asset has been added to Circle Account and Circle APIs. Polygon-supported USDC can be used for trading, borrowing, lending, making and accepting payments, and making programmatic payouts.
“For businesses that want fast and efficient access to Polygon USDC, the Circle Account eliminates the costly and time-consuming process of manually linking Ethereum’s USDC to Polygon via Polygon Bridge,” Circle explained on Tuesday. “Instead, businesses can now convert fiat currency to Polygon USDC in seconds with the Circle Account, and convert back to fiat currency the same way.”
Polygon Network to Benefit USDC Users by Providing ‘Fast and Efficient Transactions’
At the time of writing, USDC is the second-largest stablecoin asset by market capitalization with $53.9 billion. USDC’s market cap increased by 10.8% during the last 30 days and during the past 24 hours, the stablecoin has seen $5.49 billion in global trade volume.
The USDC market valuation is 4.14% of the net worth of the entire crypto economy. Circle’s announcement clarifies that users using Polygon USDC will experience “fast and efficient transactions, typically at a fraction of the cost of sending USDC on the Ethereum network.”
