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Circle integrates into Polygon PoS to roll out USDC tokens

TL;DR

  • USDC is now natively available on Polygon PoS, eliminating the need for bridging, and is fully supported by Circle Mint and Circle APIs, facilitating easy access to USDC liquidity on a faster and cost-effective network.
  • This integration allows for near-instant, low-fee transactions globally in various domains like trading, lending, and remittances, enhancing the utility and appeal of USDC on Polygon PoS.
  • From November 10, support for bridged USDC.e on Polygon PoS by Circle Mint and its APIs will be discontinued, emphasizing the transition towards native USDC.

In a remarkable stride towards enhancing transaction fluidity, USDC, managed by stablecoin issuer Circle, has now been natively integrated into Polygon PoS, negating the need for bridging. This integration ushers in a new era where developers and users can effortlessly access USDC liquidity on Polygon’s Proof-of-Stake (PoS) blockchain, famed for its fast and cost-effective network. Significantly, this move accentuates the capabilities of Polygon PoS, which harmonizes Ethereum‘s decentralized security with superior settlement speeds and cost efficiency.

Moreover, the incorporation of Circle Mint and Circle APIs with Polygon PoS USDC is poised to be a game changer. This synergy will enable businesses and developers to craft applications that appeal to a broader user base and provide near-instant, almost cost-free transactions globally.

The transition from bridged to native USDC

Before this integration, a bridged form of USDC, known as USDC.e, was utilized within the Polygon network. However, this variant was not officially issued by Circle, contrasting the native USDC now available on Polygon, which holds a 1:1 redemption ratio with US dollars. This transformation is not merely a technical shift but a significant upgrade that amplifies the assurance of a stable, trustable foundation for developers.

The transition from bridged to native USDC on Polygon will also see the discontinuation of support for deposits and withdrawals of bridged USDC.e on Circle Mint and its APIs post-November 10th. This shift underscores the commitment to promoting the native USDC, ensuring a seamless user experience.

Furthermore, the myriad of use cases this integration unlocks is noteworthy, from enabling low-cost global payments and remittances to facilitating 24/7 trading, borrowing, and lending on platforms like Aave, Uniswap, and Quickswap. It also empowers users to hold savings in digital dollars sans a traditional bank account, portraying a futuristic financial landscape.

Additionally, the entry of USDC into Polygon’s protocol is a boon for exchanges, digital wallets, institutional traders, and developers. It also allows the leverage of Polygon PoS USDC via Circle Mint and Circle APIs for various applications, thus broadening the horizons for digital financial operations.

This development underscores the symbiotic relationship between stablecoins and blockchain networks, each propelling the other toward broader adoption and utility. The integration of USDC on Polygon PoS not only stands as a testament to Polygon’s growing influence in the blockchain domain but also exemplifies how collaborations can significantly elevate the functionality and appeal of blockchain networks. With such advancements, the trajectory toward mainstream adoption of blockchain technology continues to gain momentum, making the future of digital finance promising.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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