According to the press release, crypto-focused fintech company Circle has brought its U.S. Dollar Coin (USDC) stablecoin to the Polygon network.
Circles launch Polygon USDC
This marks the launch of the first bridged version of the popular dollar-backed stablecoin. Previously, users would have to bridge USDC from Ethereum to Polygon but no longer need such a time-consuming process.
Due to the addition of the polygon root USDC, tutorial traders can now instantly convert fiat deposits into the second largest stablecoin through the Circle Account.
Polygon co-founder Sandeep Nailwal said that Polygon USDC would make it possible for businesses and crypto exchanges to make payments cost-effective. Circle CEO Jeremy Allaire has noted that one of the top stablecoins has increased its interoperability.
USDC stablecoin is also issued on Ethereum, Stellar, Algorand, and several other blockchains. Polygon has emerged as a leading Layer 2 scaling solution on the Ethereum chain.
With a market cap of $53 billion, USDC is the fourth largest cryptocurrency (behind only Tether’s USDT, Ethereum, and Bitcoin). USDT, the world’s largest stablecoin, added support to the Polygon network last month.
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