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Polygon Now Supports USDC Natively: Details

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Wed, 11/10/2023 - 8:40
Polygon Now Supports USDC Natively: Details
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With its native stablecoin being the second largest, the ecosystem of hundreds of Polygon-based dApps has received a modern and convenient value transfer mechanism. Support for operations with bridged the Ethereum-to-Polygon version of the asset will be sunset in a month.

Native USDC kicks off on Polygon

The second-largest stablecoin, USDC, is now available natively on Polygon PoS mainnet. A statement to that effect was released by Circle, a U.S.-based fintech conglomerate and the issuer of USDC today, Oct. 10, 2023. Circle Mint and Circle APIs now fully support Polygon PoS USDC, the official announcement says.

Researchers, developers, investors and dApp users can now acess $25 billion in USDC liquidity, with no need to use cross-network bridges.

Also, on Nov. 10, 2023, Circle will discontinue support of deposits and withdrawals for bridged USDC.e on Polygon PoS for Circle Mint and its API services. After that time, only native USDC will be supported moving forward.

As such, representatives of Circle are asking Polygon dApps customers to avoid depositing USDC.e after Nov. 10, as the funds might be lost forever.

As covered by U.Today previously, in September 2023, the native USDC stablecoin kicked off on Near Protocol (NEAR).

Arbitrum dApps can now integrate CCTP

The team of Circle highlights that the launch of USDC on Polygon proof-of-stake network is of paramount importance for the protocol's ecosystem:

Exchanges, digital wallets, institutional traders, and developers can access Polygon PoS USDC via Circle Mint and Circle APIs for a number of use cases: making low-cost payments and remittances globally that can settle in seconds, 24/7 trading, borrowing, and lending on apps like Aave, Uniswap, and Quickswap, enable users to hold savings in digital dollars without needing a traditional bank account.

Also, starting from today, Circle's cross-blockchain protocol CCTP becomes available for Arbitrum (ARB) developers. 

Thanks to Wormhole Connect technology, developers of Arbitrum dApps can easily add support for USDC stablecoin in their protocols.

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