Circle, the issuer of the second-largest stablecoin USDC, has announced support for the Polygon layer-two network. The fintech company said that the USDC stablecoin would be added to MATIC to advance its Web3 activities.
USDC added to Polygon
By adding USDC into Polygon, users will not be needed to bridge the stablecoin from the Ethereum mainnet to Polygon. Many users shy away from using the Ethereum-Polygon bridge because they have to pay the high gas fees, and the bridge is significantly slow.
The co-founder and CEO of Circle, Jeremy Allaire, issued a statement on why the company had decided to provide USDC support on Polygon. Polygon has witnessed notable adoption from developers, and it currently hosts around 20,000 decentralized applications (DApps).
Allaire said that “supporting Polygon USDC in the Circle Account and Circle APIs is another step toward making USDC interoperable across more leading blockchains, helping foster greater adoption for dollar digital currency on the internet.”
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USDC is one of the largest stablecoins in the crypto space. Circle launched the stablecoin in 2018, and at the time, $100 million was poured into the project by venture capital firms. The USDC stablecoin exists across multiple blockchains, including the Ethereum mainnet, Solana, Avalanche, Stellar, Algorand, Hedera, Flow, and Tron. The service has now been extended into MATIC.
USDC support could fuel Polygon’s growth
Polygon is one of the largest and most popular layer-two networks based on the Ethereum network. Polygon has recorded notable adoption from DApp developers who want to escape the network’s high gas fees and slow speeds.
Antoni Martin, an executive at Polygon Technology, said that he believed that the addition of USDC to the network would foster the growth of the network. The executive said that the move would support the addition of fiat payments to the MATIC network. It would also ease user experiences by removing the need to use the Polygon-Ethereum bridge.
The integration of USDC will also support automated payouts. This is yet another way through which the network will enhance user experiences. “In the mid/long term, we see this option as a very good move for international trade, for remittances for different countries,” Martin said.
The integration of USDC into Circle also comes after Tether, the issuer of the world’s largest stablecoin by market cap, USDT, announced that it would also add the token on MATIC.
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