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USDC Expanding on Polygon Next Week Boosting Adoption

source-logo  thenewscrypto.com 29 September 2023 07:24, UTC
  • Polygon PoS is adopting native USDC from Circle for ecosystem growth.
  • Future plans include a Cross-Chain Transfer Protocol for faster transfers.

Polygon PoS, a prominent layer 2 scaling solution for Ethereum, is set to witness a significant shift as it prepares to launch native USDC by Circle, the issuer of USDC on October 10th. This marks a step towards reducing reliance on bridged USDC.

The transition to native USDC comes with several advantages as mentioned by Circle. It ensures that USDC issued by Circle will be fully reserved. And always redeemable on a 1:1 basis for US dollars. This move will also facilitate institutional on/off-ramps and streamline support via Circle Account and its APIs.

1/ We might need a new hashtag because October is fast approaching and #StableSeptember isn’t slowing down.

Native $USDC will launch on @0xPolygon on October 10th, so let’s learn all the details for how the ecosystem will transition away from bridged USDC.https://t.co/7vVKOIIPXY

— Circle (@circle) September 28, 2023

Significantly, in order to facilitate this transition, Ethereum’s bridged USDC will undergo a renaming process to become USDC.e before the launch. This modification will not only appear on block explorers but will also extend to ecosystem applications and their user interfaces.

Circle Account will continue to support deposits and withdrawals for both native USDC and bridged USDC.e for a 30-day period following the launch. On November 10th, Circle will cease support for bridged USDC.e, including Express withdrawals. Users are advised to refrain from sending bridged USDC.e to their Circle Account after this date. It is to avoid potential loss of funds.

Additionally, Circle’s APIs will undergo adjustments to accommodate native USDC on Polygon PoS, with distinct API Chain Codes differentiating between native and bridged USDC. In the future, Polygon PoS intends to further enhance its cross-chain capabilities with the Cross-Chain Transfer Protocol (CCTP). It enables near-instant transfers of USDC between Polygon PoS and Ethereum, among other supported chains.

Meanwhile, the community believes that this transition signals a transformative phase for the Polygon PoS ecosystem. As it emphasizes improved stability and accessibility for its users.