Circle Added USDC To Polygon For Web3 Payments: Report

Circle added USDC to Polygon for Web3 payments and it will be integrated to enable automatic payouts in seconds so let’s read more today in our USD Coin news.

The fintech company Circle is adding its crypto stablecoin to the Polygon blockchain. With USDC, users won’t have to bridge their USDC from the ETH mainnet to Polygon and the bridge will be cumbersome for most because it is slower than the typical ETH transactions and incurs gas fees. As Circle added USDC to Polygon, Jeremy Allaire as the CEO said that his reasoning behind why the company added USDC to Polygon is that it now features 20,000 Dapps:

“Supporting Polygon USDC in the Circle Account and Circle APIs is another step toward making USDC interoperable across more leading blockchains, helping foster greater adoption for dollar digital currency on the internet.”

While Polygon-native USDC could be new and USDC is not since $110 million was poured into the creation by the venture capitalists in 2018. today, USDC exists as a multi-chain stablecoin and can be used on the Ethereum mainnet, Algorand, Stellar, Solana, Flow, Tron, and now Polygon. The Polygon Technology Enterprise lead Antoni Martin said that he believes Polygon USDC will help smooth over the fiat onramp and the user experience overall and will be integrated for automatic payouts. Martin added:

“In the mid/long term, we see this option as a very good move for international trade, for remittances for different countries.”

Circle’s addition of USDC came right after Tether added its stablecoin to Polygon back in May.

Circle Internet Financial as the issuer of the USDC stablecoin plans to apply for a crypto bank licnese in the US in the near future. According to the CEO Jeremy Allaire, the company has been in negotiations with regulators on the issue since August 2021 when it revealed its plans to convert into a bank Allaire also said that the Circle will apply for a crypto bank charter in the near future. The Circle management has been in talks with the US office of the Comptroller of the currency on a range of issues that relate to the bank plans and including the interoperability of blockchains and how these risks can be assessed in a specific blockchain.