The issuer of USD Coin (USDC), Circle, just announced that it is adding USDC to the Polygon blockchain. This step will be more convenient for users to use Polygon USDC instead of bridging their USDC via Ethereum’s mainnet to Polygon.
However, the Ethereum-Polygon bridge is considered cumbersome for many as it is slower than usual ETH transactions and also incurs Ethereum mainnet gas fees.
The addition of Polygon USDC will support the Circle Account and Circle API. This support expands USDC’s interoperability, encouraging the adoption of dollar-backed digital currencies.
USDC exists as a multichain stablecoin that is supported on Ethereum’s mainnet, Stellar, Hedera, Avalanche, Solana, Algorand, Flow, Tron, and now Polygon.
The CEO and co-founder of Circle, Jeremy Allaire explained why his firm is adding USDC to Polygon, which houses approximately 20,000 decentralized apps.
“Supporting Polygon USDC in the Circle Account and Circle APIs is another step toward making USDC interoperable across more leading blockchains, helping foster greater adoption for dollar digital currency on the internet,” Allaire stated.
Circle added USDC shortly after Tether introduced its stablecoin USDT to Polygon in May.
Businesses and developers can now use the Polygon platform to create a stable and liquid ecosystem with quick settlement times and low expenses.
Also Read: Circle Appoints BNY Mellon as Custodian for USDC Reserves
