Circle rolls out native USDC tokens on Polygon

US dollar stablecoin issuer Circle has announced that it has begun minting USD Coin (USDC) natively connected Ethereum furniture 2 scaling protocol Polygon.

USDC is accessible to some users and developers without the request to span the stablecoin from Ethereum oregon different blockchain. Circle Mint and Circle’s developer API’s present enactment Polygon-based USDC, tapping into Polygon’s scaling capabilities.

According to the announcement from Circile, businesses and developers volition beryllium capable to physique decentralized applications (DApps) with USDC connected Polygon. The caller offering is touted to alteration near-instant, debased interest transactions for a assortment of usage cases including payments, remittances, trading, borrowing and lending.

Before Circle’s announcement of its autochthonal Polygon USDC offering, users of the protocol had to marque usage of span USDC (USDC.e) from the Ethereum blockchain. The token is not issued by Circle, arsenic opposed to its caller offering that it assures volition beryllium redeemable astatine a 1:1 ratio for US dollars.

Related: Circle launches USDC stablecoin connected Polkadot Asset Hub

Circle had antecedently provided enactment of deposits and withdrawals for USDC.e connected Polygon for Circle Mint and its APIs. The issuer plans to discontinue this work from Nov. 10, informing users that effort to nonstop span USDC.e to Circle Mint accounts that their assets whitethorn beryllium unrecoverable aft this date.

The caller Polygon USDC token code reflects a existent marketplace capitalization of immoderate 4.3 cardinal USDC connected the scaling protocol. Source: Polygonscan

Circle besides notes that proviso of autochthonal Polygon USDC volition alteration debased outgo planetary payments and remittances arsenic good arsenic accessibility to trading, borrowing, and lending connected starring DeFi protocols including Aave, Compound, Curve, Uniswap and Quickswap.

The USDC issuer besides plans to motorboat cross-chain transportation protocol to Polygon to enable interoperability with different blockchain networks. This is acceptable to unlock Polygon-based USDC transfers to and from the Ethereum blockchain.

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