Circle, a stablecoin issuer, has announced that it has started minting USD Coin (USDC) tokens natively on the Polygon Ethereum layer-2 scaling protocol.

Users and developers can access USDC without connecting the stablecoin from Ethereum to a different blockchain. Utilizing Polygon's scaling capabilities, Circle Mint and Circle's developer application programming interfaces (APIs) now offer USDC based on Polygon.

Businesses and developers will be able to establish decentralized applications on Polygon with USDC, citing the announcement from Circle.

According to the new offering, transactions for a variety of use cases, including payments, remittances, trading, borrowing, and lending, can be completed almost instantly and at a minimal cost.

Users of the protocol had to use bridging USDC (USDC.e) from the Ethereum blockchain prior to Circle's announcement of its native Polygon USDC offering.

Contrary to the current offering, which will be redeemable at a 1:1 ratio for US dollars, the token is not issued by Circle.

For Circle Mint and its APIs, Circle had previously supported deposits and withdrawals for USDC.e on Polygon.

Users who try to send USDC.e to Circle Mint accounts are advised that their assets may not be recoverable after Nov. 10 by the issuer, which plans to stop providing this service.

Aave, Compound, Curve, Uniswap, and QuickSwap are just a few of the popular decentralized financial protocols that may be used for trading, borrowing, and lending thanks to the availability of native Polygon USDC, according to Circle.

A cross-chain transfer mechanism will be introduced by the USDC issuer to Polygon in order to facilitate interoperability with other blockchain networks. This will enable USDC transfers based on Polygons to and from the Ethereum blockchain.

Sources:

https://cointelegraph.com/news/circle-launches-usdc-tokens-on-polygon

https://www.circle.com/blog/native-usdc-now-available-on-polygon-pos