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Circle to Support Polygon USDC on Payments Platform as Adoption Grows
The move will allow for swapping native USDC across eight other blockchain networks.
Updated May 11, 2023, 6:51 p.m. Published Jun 7, 2022, 3:54 p.m.
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USDC stablecoin issuer Circle is adding support for Polygon USDC on its payments and treasury platform, the company said Tuesday in a statement.
- The move will help developers building on Circle automate flows from fiat into Polygon USDC, along with being able to swap it for native USDC across various blockchain networks.
- Polygon USDC is a bridged version of USDC, as opposed to a native implementation such as is issued on blockchains including Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar and Tron.
- Adding Polygon USDC marks the first time a bridged version of the stablecoin has been supported on the platform.
- "Polygon is an attractive entry point for businesses and developers to build in an established and liquid ecosystem with faster settlement times and reduced costs," Circle CEO Jeremy Allaire said. "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."
- Circle's USDC stablecoin has over $54 billion in circulation, according to the statement.
- In May, Circle argued that the U.S. Federal Reserve should pass on launching a digital dollar, arguing that could strangle private-sector efforts such as Circle's to manage their own dollar-based tokens.
Read more: Circle Asks US Fed Not to Step on Its Toes by Launching a Digital Dollar
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