Circle Integrates Polygon USDC to Facilitate Faster, More Affordable Transactions

A bridged version of USDC hosted on Ethereum called Polygon USDC will now be accessible for making withdrawals or remittances via Circle platforms. This company is a peer to peer payments tech company that also issues the stablecoin.

Polygon, on the other hand, is Ethereum’s leading layer-two network. Last month’s statistics show it supports over 19,000 dApps and more than 2.7 million monthly active wallets.

Circle adds support for Polygon USDC

Circle customers can now transact Polygon USDC using their Circle Accounts and the Circle APIs.

Previously, company customers had to manually ‘unbridge’ Polygon USDC to Ethereum USDC to cash out. Similarly, they had to ‘re-bridge’ Ethereum USDC to Polygon USDC to save time and costs on transactions made. This is where Polygon USDC was born.

Polygon makes Ethereum transactions faster, more efficient, and cheaper with Polygon. These are the same advantages offered by Polygon USDC.

According to the announcement, individuals and companies can now accept or make USDC payment on Circle accounts. You can convert fiat into USDC or vice versa via the platform. You can also cross-chain swap on seven other blockchains: Stellar and Algorand.

These new features not only allow for easier payments between businesses, DeFi, GameFi and NFT platforms but also allow traders to trade on major exchanges like Binance. These developments are encouraging crypto adoption, especially for new users.

Take on the Payments Industry

Both Circle and Polygon made significant moves in the payments sector. Polygon has partnered up with Stripe fintech giant to allow crypto payouts via Twitter. The collaboration between Polygon, Wyre and blockchain payments provider Wyre is similar to the one for a fiat USDC On-ramp feature.

Circle can be used by several entities to make payments, such as fintech giants Checkout.com, FIS, and others. According to a February Report, the stablecoin is also available to purchase stocks through Voyager Digital. More recently, MoneyGram partnered with Stellar blockchain to enable USDC remittances and cash outs straight from users’ Stellar wallets.

After Terra’s algorithmic stablecoin UST went up in smoke, many voiced fears of similar happenings to other stablecoins, including USDC. However, Circle’s chief strategy officer Dan Disparte explained that USDC, unlike UST, is fully backed by a dollar reserve. He also cautioned that some projects were using the word ‘stablecoin’ without any verifiable stability whatsoever.

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