Circle launched the USDC stabelcoin on the Polygon blockchain – Bits Media

Circle has launched a USDC stabelcoin on the Polygon blockchain, using the Proof-OF-Stake consensus model. This will accelerate transactions and simplify the converting of fiat currencies in USDC.

As reported by Circle in its blog, companies and developers, Using Polygon, They will be able to make deposits to the USDC and display them using an account and API Circle. Due to direct access to USDC on Polygon, time for calculations will be significantly reduced, and transaction costs will decrease. Thanks to the support of Polygon, Users will be able to convert fiat currencies to USDC in a few seconds, The company claims.

Polygon is known as the solution of the second level for scaling the Ethereum network. This blockchain is used to launch decentralized applications (dApps), created for the Ethereum, Therefore, developers can easily scale their DApps to work in a faster and more effective infrastructure. This opens expanded access to Web3, decentralized finances (DeFi) and the newzaimosamentâemym tokenam (NFT). As of May 2022 of the year, Polygon has launched more 19 000 dApps, and a monthly amount of active wallets has more 2.7 million.

Co -founder and general director of Circle Jeremy Ellir (Jeremy allaire) He called Polygon an “attractive entry point” for organizations and developers in an established and liquid ecosystem with faster calculations and lower costs. The USDC launch on Polygon occurred against the backdrop of confidence in decentralized stable coins after the collapse of the algorithmic stablecoin UST. Meanwhile, USDC demonstrated stability after a "negative trace", left Ust. So, 8 June market capitalization USDC has reached a record level in $53.8 billion.

At the end of last year, Circle launched the USDC on the Avalanche blockchain to attract Defi developers, And in the fall, I added USDC support to Hedera Hashgraph to use it at the corporate level.