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.
Read Also: SBF Trial: Recap of First Week of Broken Trusts as SBF Loyalists Testify
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub
- Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?