Circle Expands USDC Offering with Native Tokens on Polygon

USDC Now Available on Ethereum Layer 2 Scaling Protocol

Circle, the issuer of the US dollar stablecoin (USDC), has announced the launch of native USDC tokens on the Ethereum layer 2 scaling protocol, Polygon. This means that users and developers can access USDC without the need to bridge the stablecoin from Ethereum or other blockchains. The move taps into Polygon's scaling capabilities, allowing businesses and developers to build decentralized applications (DApps) with USDC on the platform.

Benefits of the New Offering

The new offering of USDC on Polygon is expected to enable near-instant, low fee transactions for various use cases, including payments, remittances, trading, borrowing, and lending. Circle highlights that the native USDC tokens will be redeemable at a 1:1 ratio for US dollars, providing users with increased trust and confidence.

Transition from Bridge USDC

Previously, users of the Polygon protocol had to rely on bridge USDC (USDC.e) from the Ethereum blockchain. However, Circle plans to discontinue this service from November 10th. Circle warns users that any bridge USDC.e sent to Circle Mint accounts after this date may become unrecoverable. The transition to native Polygon USDC will streamline the user experience and eliminate the need for bridging.

Expanding Possibilities with Polygon

Circle's offering of native USDC on Polygon opens up new opportunities for low-cost global payments, remittances, and accessibility to trading, borrowing, and lending on leading decentralized finance (DeFi) protocols. Users will be able to leverage popular platforms such as Aave, Compound, Curve, Uniswap, and Quickswap. Additionally, Circle plans to launch a cross-chain transfer protocol to enable interoperability with other blockchain networks, facilitating transfers between Polygon-based USDC and the Ethereum blockchain.

Overall, the introduction of native USDC tokens on Polygon expands the utility and accessibility of USDC, providing users and developers with faster and more cost-effective transactions for a range of financial activities.