In a Tuesday press release, cryptocurrency-focused financial technology company Circle has brought its U.S. Dollar Coin (USDC) stablecoin to the Polygon network.
This marks the launch of the first bridged version of the popular dollar-backed stablecoin.
Prior to that, users would have to bridge USDC from Ethereum to Polygon, but there is no longer a need for such a time-consuming process.
Because of the addition of Polygon-native USDC, instructional traders can now instantly convert fiat deposits to the second largest stablecoin via Circle Account.
Polygon co-founder Sandeep Nailwal says that Polygon USDC will make it possible for businesses and cryptocurrency exchanges to conduct cost-effective payments.
Circle CEO Jeremy Allaire has noted that one of the leading stablecoins has further increased its interoperability.
Polygon has emerged as the top Layer 2 scaling solution on top of the Ethereum chain.
With a market cap of $53 billion, USDC is the fourth biggest cryptocurrency (behind only Tether's USDT, Ethereum and Bitcoin).
USDT, the world's largest stablecoin, added support for the Polygon network last month.