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