Circle announces USDC is arriving on Polygon

Circle, the issuer of USDC, announced that it will support Polygon USDC on Circle’s payments platform starting today, making Polygon USDC the first bridged USDC version and allowing developers to build more seamlessly.

The new bridge will provide easier access to Polygon USDC from Circle accounts and allow developers who are building on Circle to automate flows from fiat into Polygon USDC. With that, it now becomes possible for the Circle to accept payments in Polygon USDC, issue global payouts, automate access to Polygon USDC and manage accounts.

Before this bridge, users had to manually connect Ethereum to Polygon using the Polygon bridge, which was fairly complex and time-consuming

CEO and co-founder of Circle, Jeremy Allaire commented on the new bridge and said:

“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.”

He further continued and emphasized his eagerness to increase USDC’s interoperability:

“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.”

Polygon

Polygon is a layer-2 scaling solution for the Ethereum blockchain. The platform launched in June 2020 and recorded an immerse growth between January 2022 and  April 2022. During the first four months of 2022, the number of dApps deployed on the platform increased by 170% and reached over 19,000.

The platform also rolled out its Web3 identity protocol in March 2022 and decided to go carbon-negative last month.

As a first step, Polygon will buy $400,000 worth of carbon credits which equals 90,000 tons of carbon emissions. Then, the platform will selectively eliminate offsets within the carbon token pools. Polygon also assigned $20 million to invest in new projects that combat climate change and partnered with KlimaDAO to turn the Polygon ecosystem carbon-free.

Circle and USDC

The issuer of the USD Coin Circle was founded in 2013. The platform offers investment, exchange, payment, and trading services.

The company raised $400 million in a funding round last month and shook hands with one of its investors BlackRock Inc. to become USDC’s primary asset manager.

USDC, on the other hand, grew by 987% since 2021. It has over 45 billion tokens in circulation and more than 1,4 million holders.

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