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Circle, issuer of the Stable Coin USD Coin (USDC), announced that the project is now supported on the Polygon Network. Stable Coin, the second largest coin by market capitalization, can now be withdrawn via Circle account and Circle API without having to manually use cross-chain bridge technology.
Circle unveils polygon-enabled USDC
Circle revealed thatUSD Coin (USDC)is hosted on thePolygon networkaddition means USDC is now available via 9 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 ofthe native Ethereum version of USDCthat will be minted when bridged. Circle supports the widely used Polygon USDC and this asset is added to Circle Account and Circle APIs; USDCs supported by Polygon can be used to trade, borrow, lend, make and accept payments, and make programmatic payments.
“For businesses that want to access Polygon USDC quickly and efficiently, Circle Account abstracts the costly and time-consuming process of manually bridging USDC from Ethereum to Polygon via the Polygon Bridge,” Circle explained Tuesday ” Instead, businesses can now convert fiat to Polygon USDC in seconds with Circle Account and then convert it back to fiat in the same way.”
The Polygon network provides “fast and efficient transactions” that benefit USDC users
At the time of writing,USDCis the second largest stablecoin asset with a market capitalization of $53.9 billion; USDC’s market capitalization has increased 10.8% over the past 30 days, and in the past 24 hours, global trading volume for this stablecoin reached $5.49 billion.
USDC’smarket valuation represents 4.14% of the net value of the entire crypto economy, and Circle says users who take advantage of Polygon USDC “trade fast and efficiently, usually at a fraction of the cost of sending USDC over the Ethereum network. It details that they can benefit from “a fraction of the cost of sending USDC over the Ethereum network.
Image credits: Shutterstock, Pixabay, Wiki Commons
