USDC Stablecoin Print Circle On Polygon Network, Here's Why!

USDC stablecoin crypto assets. (Photo; Doc. LedgerInsight)

JAKARTA - Circle's leading stablecoin publisher has taken a major step by launching its latest initiative allowing USD Coin (USDC) printing directly on Ethereum's layer-2 scaling protocol, Polygon.

This initiative is claimed to provide convenience for users and developers, as they no longer need to bridge stablecoins from Ethereum to other blockchains.

That way, Circle allows Polygon-based USDC to be used smoothly through the Mint Circle and developer's API. This opens up various opportunities, including payments, remittances, trades, borrowing, and more, with almost instant transaction promises and minimal costs.

Previously, users relied on the USDC being bridged (USDC.e) on the Ethereum blockchain. However, with this move, Circle guarantees that USDC Polygon will have a ratio of 1:1 to the US dollar. It should be noted that the USDC.e service in Polygon that was previously provided by Circle through Circle Mint and its API will be discontinued on November 10.

Circle plans to introduce a cross-chain transfer protocol in Polygon, which will allow users to more easily access other blockchain networks.

With this step, Circle paved the way for various applications and wider use in the DeFi ecosystem, as well as facilitating affordable global money transfers. This is a development that should be considered in the crypto world, which continues to grow.