BitPay to introduce USDC and ETH payments on Polygon network

Major cryptocurrency steadfast BitPay is expanding the scope of supported blockchain networks, preparing to debut payments successful ERC-20 tokens connected the Polygon network.

BitPay and Polygon jointly announced connected Oct. 26 the integration of Polygon connected the BitPay app, allowing customers to walk Polygon-bridged ERC-20 tokens.

The BitPay app is specifically preparing to enactment payments successful tokens similar Polygon-based USD Coin (USDC) aboriginal this week. USDC developer Circle primitively launched the USDC stablecoin connected the Ethereum blockchain, bridging it implicit to Polygon via the Polygon Bridge successful June 2022.

Polygon USDC is not the lone Polygon-bridged token that is coming to BitPay. BitPay’s main selling serviceman Bill Zielke told Cointelegraph that immoderate ERC-20 coins presently supported connected BitPay volition automatically beryllium unfastened for swaps connected the Polygon network.

The existent database of the upcoming Polygon-supported tokens connected BitPay includes Polygon USDC, Polygon Ether (ETH), Polygon DAI (DAI) and Polygon Wrapped Bitcoin (WBTC).

“For caller coins successful general, including ERC-20 specifically, we are perpetually reviewing and evaluating coins,” Zielke said, adding that BitPay has a “few large coins planned.”

With the caller development, BitPay merchants volition beryllium capable to judge Polygon payments from large Polygon wallets. Panini America, a large United States-based sports and amusement collectibles company, volition beryllium the archetypal merchant to follow the caller integer outgo option.

“When adding a caller coin for merchants to accept, we look astatine galore factors, but among the astir important is its outgo inferior and assemblage involvement,” BitPay CEO Stephen Pair said, adding:

“Adding MATIC to the premix of cryptos that BitPay supports offers businesses a fast, harmless and unafraid alternate to accepted outgo methods and paves the mode for blockchain payments to disrupt the mode consumers and businesses person and walk funds.”

Polygon-bridged stablecoins are importantly smaller than those moving connected autochthonal blockchains successful presumption of adoption truthful far. According to information from DefiLlama, the marketplace capitalization of Polygon-based USDC amounts to astir $940 million, oregon conscionable astir 2% of each 43.9 cardinal USDC that is successful circulation astatine the clip of writing. Similarly, determination is lone $130.5 cardinal of Polygon DAI, accounting for 2.3% of the full DAI’s marketplace cap.

Related: Bitcoin inactive dominates full payments connected BitPay contempt the carnivore market

Polygon’s autochthonal token MATIC (MATIC) has seen immoderate notable maturation precocious amid large fiscal institutions opening to spot the imaginable benefits of adopting Polygon’s technology. In mid-October, Warren Buffett-backed fintech steadfast Nubank announced the motorboat of the Nucoin token connected the Polygon blockchain.