Major cryptocurrency agency BitPay is increasing the scope of supported blockchain networks, getting ready to debut payments in ERC-20 tokens on the Polygon network.
On Oct. 26, BitPay and Polygon collectively introduced the mixing of Polygon on the BitPay app, permitting clients to spend Polygon-bridged ERC-20 tokens.
The BitPay app is particularly getting ready to help payments in tokens like Polygon-based USD Coin (USDC) later this week. USDC developer Circle initially launched the USDC stablecoin on the Ethereum blockchain, bridging it over to Polygon through the Polygon Bridge in June 2022.
Polygon USDC is just not the one Polygon-bridged token that’s coming to BitPay. BitPay’s chief advertising officer, Bill Zielke, instructed Cointelegraph that any ERC-20 cash at present supported on BitPay will mechanically be open for swaps on the Polygon network.
The present record of upcoming Polygon-supported tokens on BitPay consists of Polygon USDC, Polygon Ether (ETH), Polygon Dai (DAI) and Polygon Wrapped Bitcoin (WBTC).
“For new coins in general, including ERC-20 specifically, we are constantly reviewing and evaluating coins,” Zielke mentioned, including that BitPay has a “few big coins planned.”
With the brand new growth, BitPay retailers will likely be in a position to settle for Polygon payments from main Polygon wallets. Panini America, a significant United States-based sports activities and leisure collectibles firm, would be the first service provider to undertake the brand new digital cost choice.
“When adding a new coin for merchants to accept, we look at many factors, but among the most important is its payment utility and community involvement,” BitPay CEO Stephen Pair mentioned, including:
“Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
Polygon-bridged stablecoins are considerably smaller than these operating on native blockchains by way of adoption up to now. According to knowledge from DefiLlama, the market capitalization of Polygon-based USDC quantities to roughly $940 million, or simply about 2% of all 43.9 million USDC in circulation on the time of writing. Similarly, there’s solely $130.5 million of Polygon Dai, accounting for two.3% of the full Dai market cap.
Related: Bitcoin nonetheless dominates complete payments on BitPay regardless of the bear market
Polygon’s native token, MATIC (MATIC), has seen some notable development lately amid main monetary establishments starting to see the potential advantages of adopting Polygon’s expertise. In mid-October, Warren Buffett-backed fintech agency Nubank introduced the launch of the Nucoin token on the Polygon blockchain.
