Circle added support for Polygon USDC to speed up transactions

Users can access the blockchain through an account on the platform and the Circle API

11.06.2022 - 06:45

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2 min

What’s new? Circle, the issuer of USD Coin (USDC), has added support for Polygon’s Layer 2 (L2) solution to use stablecoin on its platform. This will simplify the conversion of fiat to USDC and speed up transactions. Users can now automatically transfer stablecoin on Ethereum to the Polygon network using the Polygon Bridge cross-chain protocol.

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

Polygon USDC is a version of USD Coin, which is created to move digital assets from the stablecoin’s main network (Ethereum) to the Polygon Layer 2 blockchain.

What do the company’s representatives say? According to the statement, converting fiat currency to Polygon USDC and back will take “seconds” using the Circle Account.

“Circle customers can deposit and withdraw Polygon USDC using the Circle Account and Circle APIs, no manual bridging required.”

Institutional traders, exchanges, businesses, and developers can access Polygon USDC through the Circle Account and the Circle APIs for various purposes:

Trading on major exchanges such as Binance and FTX;
Swapping, borrowing, and lending on DeFi protocols such as Aave and Uniswap;
Accepting payments for NFT marketplaces and gaming platforms;
Polygon is a network of secure Layer 2 solutions and sidechains for scaling Ethereum and running decentralized applications (dApps), access to Web 3.0, DeFi, and NFTs. As of May 2022, Polygon has more than 19 000 dApps in operation. The network has the native token MATIC, as of June 11, 06:40 UTC, it is trading at $0,6, according to Binance.

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