Stablecoin issuer Circle has introduced it has begun minting USD Coin (USDC) natively on the Ethereum layer-2 scaling protocol Polygon.
USDC is accessible to customers and builders with out bridging the stablecoin from Ethereum to a different blockchain. Circle Mint and Circle’s developer utility programming interfaces (APIs) now assist Polygon-based USDC, tapping into Polygon’s scaling capabilities.
1/ It’s official. #ItsStillStableSeptember and $USDC is now accessible natively on @0xPolygon PoS mainnet!
Study the advantages of native USDC and swap from bridged USDC.e https://t.co/KcK55sT4KH pic.twitter.com/Gm6HjR62KW
— Circle (@circle) October 10, 2023
In accordance with the announcement from Circle, companies and builders will be capable to construct decentralized functions with USDC on Polygon. The brand new providing is touted to allow near-instant, low-fee transactions for numerous use instances, together with funds, remittances, buying and selling, borrowing and lending.
Earlier than Circle introduced its native Polygon USDC providing, protocol customers had to make use of bridged USDC (USDC.e) from the Ethereum blockchain. The token isn’t issued by Circle, in contrast to the brand new providing, which will likely be redeemable at a 1:1 ratio for United States {dollars}.
Associated: Circle launches USDC stablecoin on Polkadot Asset Hub
Circle had beforehand supplied assist of deposits and withdrawals for USDC.e on Polygon for Circle Mint and its APIs. The issuer plans to discontinue this service from Nov. 10, warning customers who try to ship USDC.e to Circle Mint accounts that their belongings could also be unrecoverable after this date.
Circle additionally notes that the availability of native Polygon USDC will allow low-cost world funds and remittances, in addition to accessibility to buying and selling, borrowing and lending on main decentralized finance protocols, together with Aave, Compound, Curve, Uniswap and QuickSwap.
The USDC issuer additionally plans to launch a cross-chain switch protocol to Polygon to allow interoperability with different blockchain networks. That is set to unlock Polygon-based USDC transfers to and from the Ethereum blockchain.
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