Circle issues native USDC tokens on Polygon.
Stablecoin issuer Circle USD Coin (USDC) has announced that it has started working natively on the Ethereum Layer-2 scaling protocol Polygon.
USDC is accessible to users and developers without transferring the stable from Ethereum to another blockchain. Circle Mint and Circle's developer application programming interface (APIs) now support Polygon-based USDC, tapping into Polygon's scaling capabilities.
1/ It is official. #Still Stable September and $USDC are now available natively on the @0xPolygon PoS mainnet!
Learn the benefits of native USDC and how to convert from Bridge USDC.e pic.twitter.com/Gm6HjR62KW
— Circle (@circle) October 10, 2023
According to an announcement from Circle, businesses and developers can build decentralized applications with USDC on Polygon. The new offering is said to enable fast and low-fee transactions for a variety of purposes, including payments, remittances, trade, credit and loans.
Before Circle announced the availability of native Polygon USDC, users of the protocol had to use Bridge USDC (USDC.e) from the Ethereum blockchain. Unlike the new offering, the token is redeemable for US dollars at a 1:1 ratio and has not been circulated.
Related: Circle USDC stablecoin launches on Polkadot Asset Hub
Circle previously provided deposit and withdrawal support for USDC.e on Polygon for Circle Mint and its APIs. The issuer plans to discontinue this service as of November 10, warning users who attempt to send USDC.e to Circle Mint accounts that their funds may not be returned after this date.
It also notes that the native Polygon USDC offering enables low-cost global payments and funds, as well as access to major decentralized financial protocols for trade, lending and borrowing, including Ave, Compound, Curve, Uniswap and QuickSwap.
The USDC issuer plans to launch a cross-chain transfer protocol to Polygon to enable interoperability with other blockchain networks. This Polygon-based USDC is set to open transfers to and from the Ethereum blockchain.
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