USDC, second largest stablecoin with $25 billion capitalization, launches natively on Polygon proof-of-stake blockchain
With its native stablecoin being the second largest, the ecosystem of hundreds of Polygon-based dApps has received a modern and convenient value transfer mechanism. Support for operations with bridged the Ethereum-to-Polygon version of the asset will be sunset in a month.The second-largest stablecoin, USDC, is now available natively on Polygon PoS mainnet. A statement to that effect was released by Circle, a U.S.-based fintech conglomerate and the issuer of USDC today, Oct. 10, 2023.
Also, on Nov. 10, 2023, Circle will discontinue support of deposits and withdrawals for bridged USDC.e on Polygon PoS for Circle Mint and its API services. After that time, only native USDC will be supported moving forward.As such, representatives of Circle are asking Polygon dApps customers to avoid depositing USDC.e after Nov. 10, as the funds might be lost forever.
Exchanges, digital wallets, institutional traders, and developers can access Polygon PoS USDC via Circle Mint and Circle APIs for a number of use cases: making low-cost payments and remittances globally that can settle in seconds, 24/7 trading, borrowing, and lending on apps like Aave, Uniswap, and Quickswap, enable users to hold savings in digital dollars without needing a traditional bank account.
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