Monday, November 28, 2022

Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network – Altcoins Bitcoin News

Must Read

[ad_1]

Circle, the issuer of the stablecoin usd coin (USDC), announced that the project is now supported on the Polygon network. The stablecoin with the second-largest market capitalization can now be withdrawn via a Circle Account and Circle APIs without the need for manual cross-chain bridge technology.

Circle Reveals Polygon-Supported USDC

Circle has revealed that usd coin (USDC) is now hosted on the Polygon network and the addition means USDC is now available via nine different blockchain networks. Polygon is a large crypto ecosystem with more than 19,000 decentralized applications (dapps) and 2.7 million monthly active wallets as of May 2022.

The new Polygon USDC is a bridged version of USDC that is minted when a native Ethereum version of USDC is bridged. Circle will support the widely used Polygon USDC and the asset has been added to Circle Account and Circle APIs. Polygon-supported USDC can be used for trading, borrowing, lending, making and accepting payments, and making programmatic payouts.

“For businesses that want fast and efficient access to Polygon USDC, the Circle Account abstracts away the costly and time-consuming process of bridging USDC from Ethereum to Polygon manually via the Polygon Bridge,” Circle explained on Tuesday. “Instead, businesses can now convert fiat currency to Polygon USDC in seconds with the Circle Account, and convert back to fiat currency the same way.”

Polygon Network to Benefit USDC Users by Providing ‘Fast and Efficient Transactions’

At the time of writing, USDC is the second-largest stablecoin asset by market capitalization with $53.9 billion. USDC’s market cap increased by 10.8% during the last 30 days and during the past 24 hours, the stablecoin has seen $5.49 billion in global trade volume.

USDC’s market valuation represents 4.14% of the entire crypto economy’s net value. Circle’s announcement details that users leveraging Polygon USDC will benefit from “fast and efficient transactions, typically at a fraction of the cost of sending USDC on the Ethereum network.”

Tags in this story
altcoin, Altcoins, Bridge, Bridging, Circle, Circle Account, Circle APIs, Circle Polygon, Crypto, crypto assets, Network Fees, Polygon, Polygon Dapps, Polygon Users, Scaling, Stablecoin, usd coin, USDC, USDC transactions

What do you think about the stablecoin USDC being supported by Polygon? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



[ad_2]

Source link

Cryptoultimatum Crypto Trading Signal Service

LEAVE A REPLY

Please enter your comment!
Please enter your name here

I show You how To Make Huge Profits In A Short Time With Cryptos!
Trending
- Advertisement -

More Articles Like This