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In a recent statement crypto exchange Binance said that it will soon bring support for Circle’s native USDC stablecoin, on the Polygon blockchain network. The exchange would soon open the deposits and withdrawals for USDC while notifying users separately regarding the same.
The abridged version of the coin, USD Coin (PoS) (USDC.e), is already backed up by the crypto giant and will start presuming MATICUSDCE as the ticker from now on.
The deposits and withdrawals revolving around the current USDC on the Polygon PoS Network are to be suspended as of October 25, 2023, at 06:00 (UTC). Apart from this, the deposits and withdrawals of MATICUSDCE will continue to be jacked up by Binance. The upcoming project to jack up the support of the native USD coin on Polygon will not have an influence on any of the previously offered services by the firm, such as USDC spot trading, margin trading, futures trading, Binance Earn, and Binance Pay.
Circle Empowering The Native USDC
Earlier this month, stablecoin issuer Circle, announced its plans to begin the minting of the native USD coin (USDC) on the Polygon PoS network, an Ethereum based layer-2 scaling protocol. Following the announcement, users and developers can now access the USDC without bridging the stablecoin from Ethereum to another blockchain.
However, Circle plans to discontinue the support for the deposits and withdrawals that revolve around the abridged USDC.e on Polygon PoS for Circle Mint and its APIs. Only native USDCs are to be supported while moving forward.
The firm warns users not to attempt any transfer of USDC.e to Circle Mint accounts after November 10 as it could result in the loss of funds.
Also read: Bitcoin Shorts Are Piling Up As the BTC Price Shoots Past $30,000, What’s Next?
More About Polygon PoS
Polygon PoS refers to a scalable proof-of-stake (PoS) blockchain that accolades Ethereum’s decentralized security, offering greater cost efficiency and nimble settlement times. The network empowers businesses and developers worldwide to create and develop applications with the help of USDC on Polygon PoS. These applications have a comparatively greater appeal to the public as they offer benefits such as near-instant, near-zero cost transactions worldwide.
The Polygon PoS network is emerging as the go-to platform for users, as it recorded more than 475 dApps and over 300,000 active wallet users worldwide. Businesses and developers designing mainstream user experiences can now freely leverage Polygon PoS for payments, remittances, trading, borrowing, lending, and much more.
Also read: Jameson Lopp Busts the Myth About Hal Finney Being Bitcoin Creator Satoshi Nakamoto
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