Polygon Proof-of-Stake (PoS) network is set to launch native USDC, a stablecoin by Circle, on October 10. This move signifies a strategic shift from the current bridged USDC model to one that offers enhanced stability and accessibility. According to InvestingPro, Polygon's recent market capitalization has reached $6.8 billion, indicating a strong investor interest in the platform.
This change will ensure a full reservation of USDC with 1:1 redeemability for US dollars. It also aims to optimize institutional on and off-ramps and improve support for Circle Account and API. As per InvestingPro's real-time metrics, Circle's USDC stablecoin has a current supply of approximately 30 billion, reflecting its widespread adoption in the crypto market.
Concurrently, Ethereum's bridged USDC will transition to USDC.e. This transition will be supported for a period of 30 days, ending on November 10, 2023. After this date, Express withdrawals will be discontinued, mitigating potential loss of funds. InvestingPro Tips suggests that investors should keep an eye on this transition period and adjust their holdings accordingly to avoid any potential disruptions.
To accommodate these changes, Circle's APIs will introduce distinct API Chain Codes for native and bridged USDC. Future enhancements include the implementation of the Cross-Chain Transfer Protocol (CCTP) which will facilitate swift USDC transfers across different chains.
The Polygon PoS community views this transition as transformative for the platform, expecting it to influence ecosystem applications and enhance overall user experience. InvestingPro Tips further highlights that such strategic shifts can often lead to increased user adoption and market growth. As an example, Polygon's daily transaction volume has surged to over 6 million, a testament to its growing popularity.
For those interested in more insights like these, InvestingPro offers 20 additional tips and real-time metrics for a more comprehensive understanding of the crypto market.
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