Circle Launches Native Minting of USDC Stablecoin on Polygon Circle, the stablecoin issuer, has announced that it will start minting USD Coin (USDC) directly on the Polygon network. This move allows users and developers to access USDC on the Ethereum layer-2 scaling solution. Previously, USDC had to be bridged from Ethereum, but now it is available natively on Polygon. USDC is the second-largest stablecoin by market cap and is known for its stability and reliability. Circle's collaboration with Polygon brings several benefits, including faster and more cost-effective transactions. Before this launch, businesses had to use bridged USDC from Ethereum, which couldn't be redeemed. However, the new native USDC on Polygon can be redeemed for US dollars at a 1:1 ratio. Circle will discontinue the deposits and withdrawals of bridged USDC on Polygon and plans to launch a cross-chain transfer protocol to connect with other blockchain networks in the future. The integration of USDC on Polygon is a significant milestone for the blockchain industry, combining the security of Ethereum with the speed and efficiency of Polygon. This development showcases the industry's commitment to creating accessible and efficient financial systems.
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