Circle, the operator of USD Coin (USDC), has added support on its payments platform for Polygon’s layer-2 solution to use the stablecoin.
1/8 Circle is proud to announce support for @0xPolygon USDC on Circle’s platform!
Businesses can now deposit and withdraw #PolygonUSDC using the Circle Account and Circle APIs, no manual bridging required. https://t.co/RlwvcBbuYO
— Circle (@circlepay) June 7, 2022
Circle has automated for users the ability to move USDC from Ethereum to the Polygon network through its cross-chain protocol Polygon Bridge.
“Circle clients can deposit and withdraw funds in Polygon USDC, using their account and API without having to operate the cross-chain bridge manually,” the statement said.
According to Circle, converting fiat currency to Polygon USDC and back will take “a matter of seconds”.
Circle noted that thanks to Polygon support via accounts and APIs, enterprises and developers will gain access to a range of use cases for the stablecoin:
- trading on major exchanges, such as Binance and FTX;
- exchanging, lending and borrowing in DeFi protocols like Aave and Uniswap;
- accepting payments for NFT marketplaces and gaming platforms;
- instant programmable payouts to users worldwide.
Polygon USDC became the first “bridge” version of the stablecoin, Circle noted.
As of writing, USDC ranks second by market capitalization among stablecoins, behind Tether’s USDT.
The gap in their circulating supply began to narrow rapidly since September 2020.
In January 2022, the supply of USDC on the Ethereum blockchain first surpassed that of USDT.
As noted, USDC is also available on the Algorand, Solana, Stellar, Tron, Hedera Hashgraph, Avalanche and Flow.