The usd coin (USDC) issuer, Circle, revealed that the Polygon Network now supports the stablecoin. Circle made this huge announcement on Tuesday. USDC is the second-largest stablecoin with an astounding market cap. It can now be withdrawn through a circle account and Circle APIs without having to use a manual cross-chain bridge technology.
The Polygon network now hosts the usd coin (USDC). Through this, the coin is now available on nine different blockchain networks. The announcement is a milestone for Circle as Polygon is a colossal ecosystem within the crypto industry. It has over 19,000 decentralized apps, aka dapps, and its digital wallet has 2.7 million active users.
When the Ethereum version of USDC is bridged, the yielded form is the Polygon USDC. The digital asset has now formally become a part of the Circle account and Circle APIs.
Users can use the Polygon-supported USDC for programmatic payouts, trading, accepting and making payments, borrowing, and lending purposes.
Circle stated on Tuesday that for those businesses that are aiming for efficient and fast access to the Polygon-supported USDC, the Circle account had eliminated the hassle of manual bridging from Ethereum to Polygon via the Polygon bridge. The bridging method was quite costly and highly time-consuming.
Additionally, Circle stated that the fiat currency can now easily be converted into Polygon USDC within seconds through the Circle account. Similarly, the Polygon USDC can be converted into the fiat currency conveniently.
Through the support of Polygon, USDC will be strengthened as the users can now have access to fast and efficient transactions. At the time of writing, USDC is the second-largest stablecoin with a market cap of $53.9 billion. Despite the crypto crash gloom, the stablecoin has witnessed an increase of 10.8% in the market cap in the last 30 days. Moreover, the global trade volume reached a staggering $5.49 billion during the previous 24 hours.
Currently, USDC boasts 4.14% of the entire crypto market. The stablecoin will be strengthened as a result of the benefits provided by the Polygon Network.