Circle Starts USDC Minting On Polygon PoS, Skips Ethereum Bridges
Portfolio Pulse from Khyathi Dalal
Circle has started minting USD Coin (USDC) natively on the Ethereum layer-2 scaling protocol Polygon, allowing users and developers to access USDC without bridging the stablecoin from Ethereum to another blockchain. The new offering will enable almost instant, low-fee transactions for various use cases. The service of bridged USDC (USDC.e) from the Ethereum blockchain will be discontinued from Nov.10. Circle also plans to introduce a cross-chain transfer protocol to Polygon to enable interoperability with other blockchain networks.
October 10, 2023 | 9:07 pm
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POSITIVE IMPACT
The introduction of USDC on Polygon could potentially increase the usage of Ethereum as it is the underlying blockchain for Polygon.
As Polygon is a layer-2 scaling solution for Ethereum, the introduction of USDC on Polygon could potentially increase the usage of Ethereum. This could have a positive impact on the price of Ethereum in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The introduction of USDC on Polygon could increase the usage and demand for USDC.
The introduction of USDC on Polygon could increase the usage and demand for USDC as it allows for almost instant, low-fee transactions. This could have a positive impact on the price of USDC in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100