Circle, the issuer of the stablecoin usd coin (USDC), introduced that the undertaking is now supported on the Polygon community. The stablecoin with the second-largest market capitalization can now be withdrawn by way of a Circle Account and Circle APIs with out the want for handbook cross-chain bridge know-how.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 community and the addition means USDC is now obtainable by way of 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 lively wallets as of May 2022.
The 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 broadly 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 businesses that want fast and efficient access to Polygon USDC, the Circle Account abstracts away the costly and time-consuming process of bridging USDC from Ethereum to Polygon manually via the Polygon Bridge,” Circle defined on Tuesday. “Instead, businesses can now convert fiat currency to Polygon USDC in seconds with the Circle Account, and convert back to fiat currency the same way.”
Polygon Network to Benefit USDC Users by Providing ‘Fast and Efficient Transactions’
At 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% throughout the final 30 days and through the previous 24 hours, the stablecoin has seen $5.49 billion in world commerce quantity.
USDC’s market valuation represents 4.14% of the total crypto financial system’s internet worth. Circle’s announcement particulars that customers leveraging Polygon USDC will profit from “fast and efficient transactions, typically at a fraction of the cost of sending USDC on the Ethereum network.”
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