Circle’s payments and treasury platform now support Polygon USD Coin (USDC), allowing clients who use the stablecoin to conduct transactions with ease.
Polygon USDC is the first “bridged” version of the stablecoin to be supported on its platform, according to a Tuesday release. Bridging in cryptocurrency refers to the process of transferring coins native to one blockchain to another chain or Layer 2 network via a bridge.
Circle clients can now transact using USDC without incurring the additional expense of bridging the stablecoin from Ethereum to Polygon.
USDC may already be transferred from Ethereum to Polygon via the latter’s current bridge function.
However, it may take up to 10 minutes for the funds to appear in the user’s Polygon wallet.
The release also stated that with Polygon USDC activated on the Circle Account, business clients will be able to convert fiat deposits to stablecoin in seconds.
According to market capitalization, Polygon is the largest Layer 2 network for Ethereum.
According to CoinGecko, USDC, a stablecoin created by Circle, is the second-largest stable currency in the crypto realm, with a market valuation of roughly R827 billion.