Fun

Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network

News Feed - 2022-06-09 01:06:47

Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network


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 The stablecoin with the second-largest market capitalization can now be withdrawn via a Circle Account and Circle APIs without the need for manual cross-chain bridge technology.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. 2 Tokenized Gold Crypto Projects Saw Massive Growth Over the Last 15 Months ALTCOINS | 2 days ago Apecoin Community Votes on Keeping APE Token in the Ethereum Ecosystem ALTCOINS | 5 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: LINK Remains Near 1-Month High, as ADA Extends Bull Run Next articleNew NFT Marketplace, myNFT, Seals $7m in Funding to Make NFTs Accessible to All 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Ledger hardware wallet expands crypto buying options with Uphold’s Topper
Helen Partz9 hours agoLedger hardware wallet expands crypto buying options with Uphold’s TopperTopper’s on-ramp entrance to Ledger Live comes at a time when Ledger supports only one off-ramp solution.4333 Total views
Bitcoin․com Announces Public Sale of VERSE Ecosystem Token
Bitcoin․com Announces Public Sale of VERSE Ecosystem Token press release Bitcoin.com, a digital ecosystem and secure self-custody platform where users can safely and easily intera
Chainlink Hits $13.5 For The First Time Since July – Smart Money Accumulation?
Este artículo también está disponible en español. Chainlink (LINK) has surged impressively over the past few days, breaking above the critical $13 resistance level and po
Fantom seeks Multichain liquidation in attempt to recover $122M from exploit
Jesse Coghlan6 hours agoFantom seeks Multichain liquidation in attempt to recover $122M from exploitFantom plans to petition a Singapore court to wind up the Multichain Foundation to recover millions it lost due to the M
100 NFT Collections Surpass $20 Billion in Volume — Cryptopunks, Bored Apes Capture Top Volumes
100 NFT Collections Surpass $20 Billion in Volume — Cryptopunks, Bored Apes Capture Top Volumes Non-fungible token (NFT) assets were extremely popular this year and to date, ther
Report Shows Crypto Derivatives Volumes Soared 32% to a Record $602 Billion in May
Report Shows Crypto Derivatives Volumes Soared 32% to a Record $602 Billion in MayCryptocurrency derivatives trading volumes climbed 32% in May to a new record high of $602 billion,
Cloudflare Hits Market up 22 Percent After Dropping 8chan
Shares of American web infrastructure and website security company Cloudflare surged 22 percent on its first day of public trading today. | Source: AP Photo/Richard DrewShares of Am
Adidas Originals NFT Compilation Enters Top 50 Collections by Volume, Close to $60M in Sales in 18 Days
Adidas Originals NFT Compilation Enters Top 50 Collections by Volume, Close to $60M in Sales in 18 Days Less than 20 days ago, the German multinational sneaker and sportswear corpo
Crypto Super PAC uses $2.5M to support Washington, Michigan Democrats
Turner Wright6 hours agoCrypto Super PAC uses $2.5M to support Washington, Michigan DemocratsA crypto PAC used roughly $1.5 million to fund a media buy for Democrat Emily Randall, while her rival’s campaign manager cri
Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SEC
Rapper TI Cryptocurrency Fraud: Charged and Fined $75,000 by SECRapper TI and four other people, including film producer Ryan Felton, have been charged by the U.S. Securities and Ex
A Model for the Next Generation DEX, TitanSwap Will Be a Dex With Better User Experience
A Model for the Next Generation DEX, TitanSwap Will Be a Dex With Better User ExperienceTitanSwap is using the renBTC protocol to implement cross-chain operations. Compared with the
Marcel Pechman11 hours agoWhy approving a Bitcoin ETF might unleash $18B in sell-pressureGrayscale Bitcoin Trust conversion to an ETF will unlock a potential sale of up to $18 billion in Bitcoin.8978 Total views91 Total