FinTech firm Circle Internet Financial, LLC has “announced support for Polygon USDC on Circle’s payments and treasury platform.”
According to Circle’s press release, the firm, which is “a global financial technology firm that provides internet-based payments and financial infrastructure to businesses of all sizes, and the issuer of USD Coin (USDC),” has “announced support for Polygon USDC on Circle’s payments and treasury platform.”
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The press release went on to say that “developers building on Circle APIs will be able to more easily automate flows from fiat into Polygon USDC, a key feature for many emerging DeFi, payments, and NFT application use cases” and that “support within the Circle Account gives businesses, exchanges and institutional traders faster and easier access to Polygon USDC, including the ability to swap it for native USDC across eight other blockchain networks.”
Polygon USDC is the first “bridged” version of USDC. The Circle Account will “abstract away the costly and time-consuming process of bridging USDC from Ethereum to Polygon manually via the Polygon Bridge, enabling businesses to convert fiat currency to Polygon USDC in seconds, and easily convert back to fiat currency.”
This means that “businesses and developers can use Circle’s payments and treasury platform to easily accept payments in Polygon USDC, make programmatic global payouts, and manage accounts infrastructure for their customers.” Also, “institutional traders can automate access to Polygon USDC with a Circle Account for use in crypto capital markets.”
Jeremy Allaire, CEO and Co-founder of Circle, had this to say:
“Polygon is an attractive entry point for businesses and developers to build in an established and liquid ecosystem with faster settlement times and reduced costs. 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.“
And Sandeep Nailwal, co-founder of Polygon, added:
“We are excited to see one of the fastest growing dollar digital currencies in the space become available on Polygon. Polygon USDC will enable businesses and exchanges in our ecosystem to expand the DeFi community further, providing their growing user base a seamless and cost-effective experience.“
Circle also “issues USDC natively on Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar and TRON.”
Circle points out that since Polygon USDC is a bridged version of USDC, it is not “directly redeemable for U.S. dollars” and so it must be “‘unbridged’ to be redeemed for U.S. dollars.” This means that “when a Circle Account customer requests a withdrawal of U.S. dollars, Circle will automate the process of unbridging Polygon USDC back to Ethereum USDC, and redeem Ethereum USDC for U.S. dollars.” This “unbridging and redemption process” is “abstracted away from the customer and comes at no additional cost.”
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