Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network – USDC is now available on nine different blockchain networks, thanks to Circle’s announcement that it is now hosted on the Polygon network. As of May 2022, Polygon is a major crypto ecosystem with over 19,000 decentralized applications (dapps) and 2.7 million monthly active wallets.
When a native Ethereum version of USDC is bridged, the new Polygon USDC is minted. The widely used Polygon USDC will be supported by Circle, and the asset has been added to Circle Account and Circle APIs. USDC with Polygon support can be used to trade, borrow, lend, make and collect payments, and make programmatic payouts.
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“The Circle Account abstracts away the costly and time-consuming process of manually bridging USDC from Ethereum to Polygon via the Polygon Bridge for businesses who want fast and efficient access to Polygon USDC,” Circle explained on Tuesday. “Instead, businesses can use the Circle Account to convert fiat currency to Polygon USDC in seconds and then back to fiat currency in the same way.”
USDC is the second-largest stablecoin asset by market capitalization, at $53.9 billion at the time of writing. The market cap of USDC has increased by 10.8% in the previous 30 days, and the stablecoin has seen $5.49 billion in worldwide trade volume in the last 24 hours.
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Circle Announces the Stablecoin USDC Is Now Supported by the Polygon Network – The market valuation of USDC is 4.14 percent of the total crypto economy’s net value. Users of Polygon USDC would benefit from “quick and efficient transactions, generally for a fraction of the cost of transmitting USDC on the Ethereum network,” according to Circle’s announcement.