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Polymarket announced it will partner with $USDC, taking a significant step for user balances on its platform.
According to a company announcement via X, Polymarket will soon begin backing user balances with US dollars at a 1:1 ratio. Polymarket stated that more details regarding this change will be shared in the coming days.
This move has attracted attention at a time when discussions about transparency and security are prominent in the crypto market. The fact that user balances will be backed by a one-to-one dollar equivalent is seen as a development that could clarify the platform’s reserve management and increase user confidence in the protection of their assets.
$USDC is one of the second-largest players in the global stablecoin market. According to OKX market data, $USDC has a market capitalization of approximately $70.81 billion, while its circulating supply is reported to be around 70.69 billion $USDC.
These data reveal that $USDC has a wide range of uses and is particularly preferred in payment, transfer, and exchange transactions.
Polymarket’s partnership with $USDC could contribute to strengthening the stablecoin-based infrastructure in the prediction markets field. The implementation schedule and technical details of the platform’s new reserve structure are expected to be announced soon.
*This is not investment advice.