Polygon USDC will integrate to allow automatic payouts “in seconds”.
Circle, a fintech company, is adding its crypto stabilizecoin and the US Dollar Coin ( USDC) to the Polygon Blockchain.
Users won’t need to bridge USDC from Ethereum to Polygon with Polygon USDC. Many find the Ethereum-Polygon bridge cumbersome because it is slower than other ETH transactions, and incurs Ethereum mainnet fees.
Circle CEO and co-founder Jeremy Allaire shared in a statement his reasoning behind why the company is adding USDC to Polygon, which now features roughly 20,000 dApps.
Allaire stated that supporting Polygon USDC in Circle Account and Circle APIs was another step towards making USDC interoperable with more leading blockchains. This will foster greater adoption of dollar digital currency online.
Although Polygon-native USDC might be new, USDC has been around since 2018. Venture capitalists invested $110 million in its creation.
USDC is a multichain stablecoin. It can be used on Ethereum’s mainnet, Algorand and Stellar, Solana. Stellar, Avalanche. Flow. Tron. Hedera.
Anthoni Martin, Polygon Technology’s Enterprise Leader, stated to Decrypt in an interview that he believes Polygon USDC can help improve Polygon’s fiat access and user experience. It will also integrate for automatic payouts.
Martin said, “In the long/mid term, this option is a very positive move for international trade and for remittances to different countries.”
Circle’s addition to USDC occurs shortly after Tether added USDT to Polygon in May.