Circle Introduces Native USDC Tokens on Polygon
Circle's announcement introduces native USDC on Polygon, offering streamlined development, near-instant transactions, and accessibility to DeFi protocols.
Circle's recent announcement highlighted its initiative to mint USDC natively on Polygon. This means that USDC is now directly accessible to users and developers on the Polygon network without the need to bridge the stablecoin from Ethereum or any other blockchain. By integrating with Circle Mint and Circle's developer application programming interfaces (APIs), Polygon taps into enhanced scaling capabilities, ensuring smoother and faster transactions.
The introduction of USDC on Polygon offers numerous advantages. Businesses and developers can now directly build decentralized applications using USDC on Polygon, eliminating the need for intermediary steps and making the development process more streamlined.
1/ It’s official. #ItsStillStableSeptember and $USDC is now available natively on @0xPolygon PoS mainnet!
Learn the benefits of native USDC and how to switch from bridged USDC.e ????https://t.co/KcK55sT4KH pic.twitter.com/Gm6HjR62KW — Circle (@circle) October 10, 2023
The native offering promises near-instant transactions with minimal fees, which is particularly beneficial for various applications, ranging from payments and remittances to trading, borrowing, and lending. Moreover, the introduction of USDC on Polygon means users no longer have to rely on bridged USDC (referred to as USDC.e) from the Ethereum blockchain. Unlike the new native offering, which is issued directly by Circle and can be redeemed at a 1:1 ratio for United States dollars, Circle did not issue the bridged token.
Circle has been proactive in supporting the Polygon ecosystem. Before rolling out the native USDC, Circle had facilitated deposits and withdrawals for the bridged USDC.e on Polygon. However, with the new development, Circle intends to phase out this service by November 10. Users are cautioned that any attempts to send USDC.e to Circle Mint accounts post this date might result in unrecoverable assets.
Polygon USDC token address. (Source: Polygonscan)
Furthermore, Circle emphasizes that the introduction of native Polygon USDC will significantly enhance global payments and remittances. It will also boost accessibility to leading decentralized finance protocols like Aave, Compound, Curve, Uniswap, and QuickSwap.
In a bid to further expand its reach, Circle is also gearing up to launch a cross-chain transfer protocol on Polygon. This will facilitate interoperability with other blockchain networks, enabling seamless USDC transfers between Polygon and the Ethereum blockchain.