Circle announces USDC is arriving on Polygon News โธ Polygon · USDC โธ Stablecoins
Circle announces USDC is arriving on Polygon
Circle announced it will start supporting Polygon USDC to spread USDC adoption and allow developers to automate flows from fiat into Polygon USDC.
2 min read
Updated: Jun. 23, 2023 at 10:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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:
โPolygon 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.โ
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 andย 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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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Polygon
$0.47477
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
USD Coin
$0.99989
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Jeremy Allaire stands as the founder, chairman, and CEO of Circle, a trailblazing consumer Internet company.