US dollar stablecoin issuer 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 without the need to bridge the stablecoin from Ethereum or any other blockchain. Circle Mint and Circle’s developer APIs now support Polygon-based USDC, taking advantage of Polygon’s scaling capabilities.With this new offering, businesses and developers will be able to build decentralized applications (DApps) using USDC on Polygon. The native USDC on Polygon enables near-instant and low-fee transactions for various use cases, including payments, remittances, trading, borrowing, and lending.Previously, users of the Polygon protocol had to rely on bridge USDC (USDC.e) from the Ethereum blockchain. However, Circle’s new native USDC offering assures users that it will be redeemable at a 1:1 ratio for US dollars. Circle plans to discontinue support for deposits and withdrawals of USDC.e on Polygon from November 10, warning users that their assets may be unrecoverable after this date.In addition to low-cost global payments and remittances, the provision of native Polygon USDC will also enable accessibility to trading, borrowing, and lending on popular DeFi protocols such as Aave, Compound, Curve, Uniswap, and Quickswap.Circle has further plans to launch a cross-chain transfer protocol to Polygon, allowing for interoperability with other blockchain networks. This will unlock Polygon-based USDC transfers to and from the Ethereum blockchain.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	0
People	None
Companies	Quickswap, Aave, Polygon, Ethereum, Circle, Uniswap, Curve, Compound
Currencies	Ethereum, Polygon, US Dollar
Securities	None