Circle Adds Support for Polygon USDC, Enabling Faster Payments and Lower Costs for Businesses

DeFi

June 7, 2022

Circle Adds Support for Polygon USDC, Enabling Faster Payments and Lower Costs for Businesses

We’re thrilled to announce that Polygon USDC is the first ‘bridged’ version of USDC to gain support on Circle’s platform, Circle Account and Circle APIs.

This integration allows developers, businesses, exchanges, and institutional traders to benefit from near-instant settlement times, cheaper transaction fees, and native cross-chain interoperability. Users can easily transfer and swap Polygon USDC to and from its native USDC counterpart across the eight blockchains that currently support it, including Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar, and TRON.

The announcement further solidifies Polygon’s role as an attractive Web3 entry point for businesses and developers, providing access to a proven, fast, composable, and highly liquid ecosystem.

With more than $54 billion in circulation as of June 1, 2022, USDC is one of the most widely used, trusted dollar digital currencies.

As a Layer-2 scalability solution operating on top of the Ethereum blockchain, Polygon enables faster and cheaper transactions by processing them off the main network. This includes “bridging” of various ERC tokens and non-fungible tokens (NFTs).

The newly added support on Circle’s platform will simplify this process even further, allowing businesses and dApps to quickly convert fiat currency into Polygon USDC and back using the Circle Account—instead of manually bridging USDC from Ethereum via the Polygon Bridge. Naturally, Polygon USDC’s essential benefits, such as low fees and high transaction speeds, will remain intact on Circle’s platform.

Thanks to the new functionality, Circle’s customers can also seamlessly receive Polygon USDC, make programmatic global payouts, and manage accounts infrastructure for their customers. Additionally, institutional traders can automate access to Polygon USDC in their Circle Accounts to use the stablecoin within crypto capital markets. Developers can build and transact using Polygon USDC via Circle APIs to tap into the largest Web3 ecosystem.

The addition of Polygon USDC to the Circle Account and Circle APIs is another significant step toward widespread adoption of Polygon’s scaling solutions, which have already been used to host over 19,000 applications and process more than 1.6B total transactions by over 142M unique user addresses.

Visit our blog for the latest on the Polygon ecosystem!