Circle launches support for Polygon USDC stablecoin on its payments platform
Jun 7, 2022
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Circle’s institutional clients will be able to convert fiat deposits to Polygon USDC within their Circle Accounts. Polygon USDC is the first bridged version of Circle’s stablecoin to be supported on the company’s payment platform. advertisement
Circle’s payments and treasury platform now supports Polygon USD Coin (USDC) thus enabling seamless transactions for customers using the stablecoin. According to a Tuesday announcement, Polygon USDC is the first “bridged” version of the stablecoin to be supported on its platform. Bridging in crypto involves transferring coins native to a blockchain to another chain or Layer 2 network via a bridge. The announcement means that Circle clients can transact using USDC without having to bear the additional cost of bridging the stablecoin from Ethereum to Polygon. Bridging USDC from Ethereum to Polygon is already possible via the latter’s existing bridge service. This process, however, can take up to 10 minutes for the funds to arrive in the user’s Polygon wallet. With Polygon USDC enabled on the Circle Account, business clients will be able to convert fiat deposits to the stablecoin within seconds, the announcement added. Polygon is the largest Layer 2 network for Ethereum according to market capitalization. USDC, a stablecoin issued by Circle, is the second-largest stable currency in the crypto space with a market capitalization of about $53.7 million according to CoinGecko. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.