Binance has announced its support for the native USD Coin (USDC) on the Polygon network issued by Circle. This move is expected to expand the utility and accessibility of USDC and enhance its presence on the Polygon Proof-of-Stake (PoS) blockchain.
In a blog post on October 23, 2023, Binance made a pivotal announcement regarding the introduction of native USD Coin (USDC) support on the Polygon network. The move aims to further bolster the integration of stablecoins and decentralized finance (DeFi) within the cryptocurrency ecosystem, offering users a more versatile and efficient way to transfer and utilize USD-backed digital assets.
Bridged Version and Native USDC on Polygon
This update comes with a few key distinctions. Binance has been supporting a bridged version of USD Coin on its platform, known as USD Coin (PoS) (USDC.e). As part of this new development, this bridged version will now be trading under the ticker MATICUSDCE.
- Bridged USD Coin (PoS) (USDC.e) on Polygon network: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
However, the game-changer here is the introduction of the native USD Coin (USDC) on the Polygon network, directly issued by Circle. This native version can be accessed via the wallet address:
- Native USD Coin (USDC) on Polygon network issued by Circle: 0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359
Transition Period and Timeline
To facilitate this transition smoothly, Binance has set a date for the migration of USD Coin on the Polygon network. Deposits and withdrawals of the current USDC on the Polygon network will be suspended at 2023-10-25 06:00 (UTC).
Notably, this adjustment will not impact USDC spot trading, margin trading, futures trading, or services like Binance Earn and Binance Pay. For those using the bridged version (USDC.e), deposits and withdrawals will continue to be supported under the MATICUSDCE ticker.
A separate announcement is expected to provide details on when deposits and withdrawals of the native USD Coin (USDC) will be open.
The Power of Polygon PoS
Polygon PoS has steadily gained traction as a scalable proof-of-stake blockchain that complements Ethereum’s decentralized security. With faster settlement times and greater cost efficiency, it has become a preferred choice for businesses and developers. This move further strengthens Polygon PoS as a powerhouse in the DeFi space, offering near-instant, low-cost transactions on a global scale.
As of October 2023, the Polygon PoS ecosystem boasts an impressive 475+ decentralized applications (dApps) and over 300,000 active wallet addresses. This paves the way for businesses and developers to explore various use cases, including payments, remittances, trading, borrowing, lending, and more, all facilitated by Polygon PoS USDC.
Native vs. Bridged USDC
One key distinction to understand in this transition is the difference between native and bridged USDC. Native USDC, as introduced by Circle, is officially issued and is always redeemable 1:1 for US dollars. On the other hand, bridged USDC (USDC.e) is a form of USDC that has been bridged from Ethereum but is not issued by Circle.
This strategic move by Binance to support native USDC on Polygon signifies a step forward in making stablecoins more versatile and widely accessible within the cryptocurrency world.
It’s clear that the cryptocurrency market continues to evolve and adapt to the needs of users and developers, and this latest development is another exciting chapter in the ongoing journey of innovation in the crypto space. As the crypto industry continues to expand and mature, it’s expected that more developments like this will provide users with greater options and capabilities in the future.
Read more:
- Circle Introduces USDC On Base Platform, Phasing Out USD Base Coin (USDbC)
- NEAR Protocol Embraces USD Coin (USDC) Integration
- Circle Launches Perimeter Protocol: A Game-Changer For Tokenized Credit Markets