Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network – Altcoins Bitcoin News

Circle, the issuer of the stablecoin usd coin (USDC), introduced that the mission is now supported on the Polygon community. The stablecoin with the second-largest market capitalization can now be withdrawn through a Circle Account and Circle APIs with out the necessity for handbook cross-chain bridge know-how.

Circle Reveals Polygon-Supported USDC

Circle has revealed that usd coin (USDC) is now hosted on the Polygon network and the addition means USDC is now out there through 9 totally different blockchain networks. Polygon is a big crypto ecosystem with greater than 19,000 decentralized functions (dapps) and a pair of.7 million month-to-month energetic wallets as of Might 2022.

The brand new Polygon USDC is a bridged model of USDC that’s minted when a local Ethereum model of USDC is bridged. Circle will assist the extensively used Polygon USDC and the asset has been added to Circle Account and Circle APIs. Polygon-supported USDC can be utilized for buying and selling, borrowing, lending, making and accepting funds, and making programmatic payouts.

“For companies that need quick and environment friendly entry to Polygon USDC, the Circle Account abstracts away the expensive and time-consuming technique of bridging USDC from Ethereum to Polygon manually through the Polygon Bridge,” Circle defined on Tuesday. “As an alternative, companies can now convert fiat foreign money to Polygon USDC in seconds with the Circle Account, and convert again to fiat foreign money the identical manner.”

Polygon Community to Profit USDC Customers by Offering ‘Quick and Environment friendly Transactions’

On the time of writing, USDC is the second-largest stablecoin asset by market capitalization with $53.9 billion. USDC’s market cap elevated by 10.8% over the past 30 days and in the course of the previous 24 hours, the stablecoin has seen $5.49 billion in world commerce quantity.

USDC’s market valuation represents 4.14% of the whole crypto financial system’s web worth. Circle’s announcement particulars that customers leveraging Polygon USDC will profit from “quick and environment friendly transactions, sometimes at a fraction of the price of sending USDC on the Ethereum community.”

Tags on this story
altcoin, Altcoins, Bridge, Bridging, Circle, Circle Account, Circle APIs, Circle Polygon, Crypto, crypto assets, Network Fees, Polygon, Polygon Dapps, Polygon Users, Scaling, Stablecoin, usd coin, USDC, USDC transactions

What do you consider the stablecoin USDC being supported by Polygon? Tell us what you consider this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com Information concerning the disruptive protocols rising right now.

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