After contending with the SEC that stablecoins should not fall beneath the identical laws as conventional securities, Circle has chosen to take the initiative. USDC can now be accessed immediately on Polygon PoS with out the need for bridges.
What Occurred: Stablecoin issuer, Circle introduced that it has commenced minting USD Coin USDC/USD natively on the Ethereum layer-2 scaling protocol Polygon facilitating the supply of USDC to customers and builders with out bridging the stablecoin from Ethereum to a different blockchain. Companies and builders may also be capable to construct decentralized functions with USDC on Polygon. Polygon proof-of-stake (PoS) USDC may have full help from Circle Mint and Circle APIs.
Additionally Learn: Circle Argues Stablecoins Are Not Securities, Files Friend of Court Brief In Binance-SEC Case
The brand new providing will allow nearly prompt, low-fee transactions for varied use instances, together with funds, remittances, buying and selling, borrowing, and lending on decentralized finance protocols, together with Aave, Compound, Curve, Uniswap, and QuickSwap.
As of October 2023, the Polygon PoS ecosystem consists of greater than 475 dApps and over 300,000 lively pockets addresses.
Discover out extra on stablecoins, and perceive the distinction between native and bridging! Meet and interact with transformative Digital Asset and Crypto enterprise leaders and buyers at Benzinga’s unique occasion: Future of Digital Assets. Tickets are flying: Get yours!
Why It Issues: Previous to the announcement, protocol customers had to make use of bridged USDC (USDC.e) from the Ethereum blockchain. The token will not be issued by Circle and is redeemable at a 1:1 ratio for USD. Earlier, Circle supported deposits and withdrawals for USDC.e on Polygon for Circle Mint and its APIs.
This service will probably be discontinued from Nov.10 and customers are warned that an try to ship USDC.e to Circle Mint accounts after this date will make the belongings unrecoverable.
Circle additionally plans to introduce a cross-chain switch protocol to Polygon to allow interoperability with different blockchain networks. It will open Polygon-based USDC transfers to and from the Ethereum blockchain.
Benzinga’s Future of Digital Assets convention is scheduled for Nov. 14. Attend and be taught extra about digital belongings and their functionalities. The gathering is seen as pivotal for the digital belongings neighborhood. The occasion will highlight the most recent tendencies, improvements, and challenges within the digital asset realm.
Learn Subsequent: Cosmos Opens Doors To Circle’s Native USDC Through CCTP
Picture: Shutterstock