Coinbase No Longer Supports pUSDC withdrawals, Supports Native USDC on Polygon
Coinbase, one of the leading cryptocurrency platforms, announced on October 12, 2023, that it will no longer support withdrawals of pUSDC, the wrapped version of USDC on the Polygon network. However, pUSDC deposits will still be available, and users can withdraw the native version of USDC on Polygon instead.
USDC is a stablecoin tied to the value of the US dollar. That means that each unit of USDC is always equivalent to one US dollar. Circle and Coinbase create it and operate on different blockchains, including Ethereum, Solana, and Polygon.
Polygon serves as a layer-2 scaling solution for Ethereum, bringing faster and more affordable transaction processing through its sidechain infrastructure. Additionally, Polygon extends support to decentralized applications (DApps) and tokens like MATIC, ETH, and USDC.
Read Also: Polygon 2.0 Aims to Become the Value Layer of Internet
Coinbase Previous Expansion of USDC Availability on Polygon
Coinbase has recently announced that users can now make deposit USDC tokens on the Polygon network. Previously, only the bridged version of the USDC token, known as USDC.e, was available on Polygon. However, this bridged version lacked support from Circle, the stablecoin’s distributor.
Despite this limitation, the adoption of USDC on Polygon has significantly increased. Data shows that over the past 24 months, USDC.e has reached a staggering volume of nearly $550 billion on Polygon PoS, accounting for approximately 1 in every 9 transactions on the chain.
Read Also: Circle Mints USDC Directly on Ethereum’s Polygon Protocol
Moreover, there has been a rapid rise in wallet numbers, with around 48.24 million wallets recorded by september 2023. The circle will discontinue deposit and withdrawal support for USDC.e bridged over Polygon PoS across its APIs like Circle Mint and Express.
From then onwards, only local USDC will be supported. As of now, it is worth mentioning that USDC holds 6th position globally as the largest stablecoin after Tether and boasts an impressive market value of $25.25 billion; however, Tether takes 3rth position with a market value of $83.5 billion.
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