Circle launched the USDC stablecoin on the Polygon blockchain using the Proof-of-Stake consensus model. This will speed up transactions and make it easier to convert fiat currencies to USDC.
How reported Circle on their blog, companies and developers using Polygon will be able to deposit and withdraw USDC using the Circle account and API. Due to direct access to USDC on Polygon, settlement time will be significantly reduced, and transaction costs will be reduced. Thanks to Polygon’s support, users will be able to convert fiat currencies to USDC and vice versa in a few seconds, the company says.
Polygon is known as a second layer solution for scaling the Ethereum network. This blockchain is used to run decentralized applications (dApps) built for Ethereum, so developers can easily scale their dApps to run on a faster and more efficient infrastructure. This opens up expanded access to Web3, decentralized finance (DeFi), and non-fungible tokens (NFTs). As of May 2022, Polygon has over 19,000 dApps running and over 2.7 million monthly active wallets.
Circle co-founder and CEO Jeremy Allaire called Polygon “an attractive entry point” for organizations and developers into an established and liquid ecosystem with faster settlement and lower costs. The launch of USDC on Polygon comes amid declining confidence in decentralized stablecoins following the collapse of the algorithmic stablecoin UST. Meanwhile, USDC has shown resilience after the “negative footprint” left by UST. So, on June 8, the USDC market capitalization reached a record high of $53.8 billion.
Circle launched USDC on the Avalanche blockchain late last year to attract DeFi developers, and in the fall added support for USDC on Hedera Hashgraph for enterprise use.
Source: Bits
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