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Circle Integrates Polygon USDC for Faster, Cheaper Transactions

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Polygon USDC, the bridging version of USDC hosted on Ethereum, will now be available for money transfers and withdrawals on the Circle platforms. The latter is a technology company for peer-to-peer payments as well as a stablecoin issuer.

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Polygon, on the other hand, is the leading Ethereum layer 2 network. Last month’s stats show it supports over 19,000 dApps and over 2.7 million monthly active wallets.

Circle Adds Polygon USDC Support

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With a new development, Circle users can now make Polygon USDC transactions using their Circle accounts or through the Circle API.

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Previously, the company’s clients had to manually “unlink” Polygon USDC from Ethereum USDC in order to withdraw funds. Similarly, they had to “re-connect” Ethereum USDC to Polygon USDC to save time and costs on transactions made. That’s where Polygon USDC came in.

Polygon makes Ethereum transactions cheaper, faster and more efficient. Polygon USDC offers the same benefits.


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Individuals and businesses can now make or receive Polygon USDC payments on Circle accounts, the release said. ad. They can also easily convert fiat to USD or vice versa on the platform. The cross-chain exchange feature is available on seven other blockchains, including Algorand, Solana, Stellar, and Avalanche.

In addition to facilitating payments between enterprises, DeFi, GameFi and NFT platforms, the new features also enable trading on leading exchanges such as Binance. All these developments contribute to the adoption of cryptography, especially for new users.

Conquest of the payments industry

Both Circle and Polygon have taken some big steps in the payments industry. Polygon recently partnered with fintech giant Stripe to allow cryptocurrency payouts on Twitter. A similar collaboration is taking place between Polygon and blockchain payment provider Wyre for the Fiat-USDC on-ramp feature.

Circle, on the other hand, is used to make payments by several entities, including fintech behemoths Checkout.com and FIS. According to a February report, the stablecoin can also be used to buy shares in brokerage provider Voyager Digital. Most recently, MoneyGram partnered with the Stellar blockchain to enable money transfers and withdrawals in USD directly from Stellar users’ wallets.

After the algorithmic stablecoin Terra UST fell apart, many expressed fear that the same would happen to other stablecoins, including USDC. However, Circle Chief Strategy Officer Dan Dispart explained that USDC, unlike UST, is fully backed by dollar reserves. He also warned that some projects use the word “stablecoin” without any verifiable stability.

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Credit : cryptopotato.com

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