Circle, which is the issuer and holder of USDC (stablecoin USD), announced today that they are now supporting the project on the Polygon network. Circle Accounts and Circle APIs are now available to withdraw the stablecoin having the second highest market capitalization.
Circle Reveals Polygon Supported USDC
Circle announced that USDC (Usd Coin) can now be hosted on the Polygon network. This means USDC will now be available through nine other blockchain networks. Polygon, a crypto-ecosystem with over 19,000 applications (dapps), and more than 2.7 million active wallets per month as of May 20,22 is large.
A bridged USDC version, the new Polygon USDC, is created when an Ethereum native version is bridged. Circle supports the Polygon USDC asset. The asset was added to Circle Accounts and Circle APIs. The Polygon-supported USDC is available for borrowing, lending and trading. It can also be used to make and accept payments and programmatic payouts.
“For businesses that want fast and efficient access to Polygon USDC, the Circle Account abstracts away the costly and time-consuming process of bridging USDC from Ethereum to Polygon manually via the 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’
USDC, with $53.9 billion in market capitalization at the time this article was written, is currently the second largest stablecoin asset. 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.
USDC’s market valuation represents 4.14% of the entire crypto economy’s net value. Circle’s announcement details that users leveraging Polygon USDC will benefit from “fast and efficient transactions, typically at a fraction of the cost of sending USDC on the Ethereum network.”
Polygon supports the USDC stablecoin. Please comment below to let us know your thoughts on this topic.
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