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Polygon now supports Circle's native USDC tokens

Polygon now supports Circle’s native USDC tokens

Circle, the stablecoin issuer, has made a bold move by tapping into Ethereum layer 2 Polygon to provide USDC liquidity directly on the proof-of-stake scaling protocol. This means that users and developers can now access USDC without the need to bridge it from Ethereum to another blockchain. Circle Mint and Circle’s developer APIs now support Polygon-based USDC, taking advantage of Polygon’s scaling capabilities.

With this new offering, businesses and developers can build decentralized applications with USDC on Polygon, enabling near-instant and low-fee transactions for various use cases such as payments, remittances, trading, borrowing, and lending. Previously, users had to rely on bridged USDC from the Ethereum blockchain, but now they can redeem the new native USDC at a 1:1 ratio for USD.

Circle plans to discontinue its support for deposits and withdrawals of USDC.e on Polygon, urging users to be cautious as their assets may become unrecoverable after November 10th. The introduction of native Polygon USDC opens up opportunities for low-cost global payments, remittances, and access to leading decentralized finance protocols like Aave, Compound, Curve, Uniswap, and QuickSwap.

In addition, Circle has plans to launch a cross-chain transfer protocol to Polygon, enabling interoperability with other blockchain networks. This will allow for Polygon-based USDC transfers to and from the Ethereum blockchain.

Summary:

– Circle taps into Ethereum layer 2 Polygon to provide native USDC liquidity.

– Users and developers can now access USDC on Polygon without bridging from Ethereum.

– Circle Mint and Circle’s APIs support Polygon-based USDC.

– Businesses and developers can build decentralized applications with USDC on Polygon.

– Near-instant and low-fee transactions are enabled for payments, remittances, trading, borrowing, and lending.

– Bridged USDC.e from Ethereum is no longer necessary as the new native USDC is redeemable at a 1:1 ratio for USD.

– Circle plans to discontinue support for USDC.e on Polygon from November 10th.

– Native Polygon USDC opens up opportunities for low-cost global payments, remittances, and access to leading decentralized finance protocols.

– Circle intends to launch a cross-chain transfer protocol to enable interoperability with other blockchain networks.

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