Stablecoin issuer Circle has introduced native USD Coin (USDC) minting on Polygon, an Ethereum layer-2 scaling protocol.
This step removes the hassles associated with bridging USDC from Ethereum to another blockchain. Now users and developers can have direct access to USDC on Polygon and take advantage of its scaling capabilities.
Now, companies and developers will be able to develop decentralized applications that use USDC on Polygon which enables high-speed, low-cost transactions for different purposes including payment, remittance, trade, borrowing, and lending.
Before, users were required to use the bridge version of the USDC of the Ethereum network (USDC.e.). The new offering by Circle will be redeemable 1: 1 for United States dollars.
The company will no longer support USDC.e withdrawals or deposits on Polygon from November 10th, introducing native Polygon USDC for affordable global payment, remittance, and DeFi interaction.
Circle plans to introduce a cross-chain transfer protocol that would enable interaction between Polygon and other blockchain networks, thus allowing USDC to transfer from Polygon’s to Ethereum’s blockchain.