Circle Mints USDC Directly on Ethereum’s Polygon Protocol
Circle stablecoin issuer has unveiled its latest initiative of minting USD Coin (USDC) directly on the Ethereum layer-2 scaling protocol, Polygon. This development simplifies the process for users and developers, eliminating the need to bridge the stablecoin from Ethereum to another blockchain.
USDC on Polygon Enables Instant Transactions
With this new offering, Circle’s Mint and developer APIs now seamlessly support Polygon-based USDC. Consequently, businesses and developers can now craft decentralized applications using USDC on Polygon. Moreover, this integration promises near-instant transactions with minimal fees. Such capabilities are crucial for a range of applications, from payments and remittances to trading, borrowing, and lending.
Before this announcement, users relied on bridged USDC (USDC.e) from the Ethereum blockchain. However, this token wasn’t issued by Circle. In contrast, the newly introduced offering guarantees redemption at a 1:1 ratio with the United States dollar. Additionally, Circle had previously facilitated deposits and withdrawals for USDC.e on Polygon through Circle Mint and its APIs. However, Circle will end this service on Nov. 10. They caution users that sending USDC.e to Circle Mint accounts after this date might make their assets irretrievable.
Polygon-based USDC Enables Ethereum Transfers
Circle’s integration with Polygon is poised to revolutionize the decentralized finance (DeFi) landscape. By providing native Polygon USDC, Circle is paving the way for affordable global payments and remittances. Additionally, it ensures easier access to prominent DeFi protocols like Aave, Compound, Curve, Uniswap, and QuickSwap.
Furthermore, Circle has plans in the pipeline to introduce a cross-chain transfer protocol on Polygon. This will foster interoperability with other blockchain networks, significantly enabling Polygon-based USDC transfers to and from the Ethereum blockchain.
In related news, Circle made headlines in September by announcing native stablecoin liquidity access on the NEAR protocol ecosystem. Circle Account and Circle APIs now offer USDC NEAR access, marking a significant step in expanding the stablecoin’s usability and accessibility across various blockchain networks.
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