Stablecoin issuer Circle is launching its dollar pegged stablecoin USDC on the Polygon Proof-of-Stake (PoS) chain on October 10.
The implementation of native USDC will benefit the Polygon ecosystem with direct institutional on and off ramp services. It will essentially replace bridging the stablecoin with other networks, such as Ethereum.
According to the announcement from Circle, USDC bridged from Ethereum will be renamed USDC.e into the Polygon ecosystem following the launch.
Moreover, Circle will suspend its account and API support for bridged USDC on Polygon. Users are warned not to send bridged USDC.e to Circle Account after November 10, as it may result in a loss of funds. Circle has also asked its customers to adjust API integration in order to work with native USDC.
When announcing USDC expansion to six new chains in August, Circle also unveiled the Cross-Chain Transfer Protocol (CCTP) to make USDC interoperable across different chains.
Circle will deploy the CCTP to Polygon PoS as well to enable USDC to move natively from Ethereum and other supported chains within minutes.