Circle supports USDC to Polygon for Web3 payments

Circle supports USDC to Polygon for Web3 payments

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2022-06-10 22:29:41

The move will enable native USDC swaps on eight other blockchain networks.

The company said through a tweet on the evening of June 7.

USDC stablecoin issuer Circle is adding support for Polygon USDC on its payments and storage platform. Polygon builds Layer 2 scaling solutions for Ethereum. Its PoS Chain currently represents a total key asset value (TVL) of 2.43 billion USD.

Now, thanks to the integration of USDC into Circle, users can simply and quickly pay with Polygon USDC or convert USDC to fiat in seconds.

USDC acts like a stable multi-chain because it is run on the mainnet of Ethereum, Algorand, Solana, Stellar, Avalanche, Flow, Tron, Hedera and recently Polygon is the latest blockchain that allows the implementation of this coin.

Polygon USDC is the “bridge” version of USDC. In the past, to move USDC from Ethereum to Polygon, it was necessary to use the Ethereum – Polygon “bridge” manually. However, many people consider this “bridge” to be too cumbersome because ETH transactions on it are extremely slow, while gas fees are sky high.

Therefore, Polygon is considered a Layer 2 solution, helping the Ethereum network to scale. The design of Polygon also aims to support Dapps (decentralized applications) built on Ethereum. As of May 2022, there are more than 19,000 Dapps and 2.7 million Polygon wallets active monthly.

When asked about the reason for bringing USDC into Polygon, Circle CEO and co-founder – Jeremy Allaire shared:

“Supporting Polygon USDC and API Circle is another step bringing USDC closer to leading blockchains, helping to drive widespread adoption of this digital USD in the Internet space.”

Anthoni Martin – Business Head of Polygon Technology – once said that he expected Polygon USDC to bring a smooth user experience. Besides, they also integrated automatic payment for this coin.

“In the medium to long term, we see this option as a very good move for international trade, for remittances in countries around the world.”

Regarding the segment audience being businesses or institutional traders, just by owning a Circle account and the Circle API, users can access Polygon USDC and use it for many purposes such as:

  • Trade on top exchanges like Binance and FTX
  • Swap, borrow and lend on DeFi protocols like Aave and Uniswap
  • Payment for NFT and gaming platforms
  • Make other payments globally

Tether at the end of May also took action when implementing USDT on Polygon. The Tether team claims that deploying USDT on Polygon will significantly increase the ability of the network to transfer value in the ecosystem.

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