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Circle launches its USDC stablecoin on the Polygon blockchain

Circle launches its USDC stablecoin on the Polygon blockchain

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Answer Circle launches its USDC stablecoin on the Polygon blockchain

in statement A press release on Tuesday told crypto-focused fintech company Circle that it has offered its US dollar-pegged stablecoin (USDC) on the Polygon network.

Before USDC was available on the Polygon network, users had to link USDC from Ethereum to Polygon, but there is no longer a need for such a time-consuming process.

Due to the addition of Polygon’s native USDC, traders can now instantly convert their fiat currency deposits into the second largest stablecoin via their Circle account.

Polygon co-founder Sandeep Nailwal stated:

Polygon USDC will make it possible for companies and cryptocurrency exchanges to make cost-effective payments.

While Jeremy Allaire, CEO of Circle, commented:

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One of the leading stablecoins has increased its interoperability.

The USDC stablecoin is also issued on Ethereum, Stellar, Algorand, and many other blockchains.

Polygon has emerged as a solution to Ethereum’s second layer scaling.

With a market capitalization of $53 billion, USDC is the fourth largest cryptocurrency (behind USDT, Ethereum and Bitcoin).

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The world’s largest stablecoin, Tether, which is the world’s largest stablecoin, was added in support of the Polygon network last month.

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