Circle has announced that it is now minting USD Coin (USDC) natively on the Ethereum layer-2 scaling protocol Polygon. This means that users and developers can access USDC on Polygon without having to bridge the stablecoin from Ethereum to another blockchain. Circle’s developer APIs now support Polygon-based USDC, allowing for near-instant, low-fee transactions for various use cases such as payments, remittances, trading, borrowing, and lending. Previously, users had to use bridged USDC from the Ethereum blockchain, but the new offering from Circle will be redeemable at a 1:1 ratio for US dollars. Circle also plans to launch a cross-chain transfer protocol to enable interoperability with other blockchain networks, allowing for Polygon-based USDC transfers to and from Ethereum.
