Polygon PoS Embraces Native USDC for Growth
Polygon PoS, a leading layer 2 scaling solution for Ethereum, is gearing up for a significant transformation. The platform is all set to integrate native USDC from Circle, the issuer of USDC, starting from October 10th. This move is aimed at reducing reliance on bridged USDC, enhancing stability, and promoting growth within the ecosystem.
Advantages of Transitioning to Native USDC
The shift to native USDC brings several benefits as highlighted by Circle. This includes the assurance that USDC issued by Circle will always be fully reserved and redeemable on a 1:1 basis for US dollars. Additionally, this transition paves the way for institutional on/off-ramps and seamless support through Circle Account and its APIs.
Transition Process and Important Dates
To facilitate the transition, Ethereum’s bridged USDC will be renamed to USDC.e before the launch. This change will be reflected not only on block explorers but also across various ecosystem applications and user interfaces. Circle Account will continue to support both native USDC and bridged USDC.e deposits and withdrawals for a 30-day period after the launch. However, starting from November 10th, Circle will cease its support for bridged USDC.e, including Express withdrawals. Users are strongly advised against sending bridged USDC.e to their Circle Account after this cutoff date to prevent potential loss of funds.
Adjustments to Circle’s APIs and Future Enhancements
Circle’s APIs will be adjusted to accommodate native USDC on Polygon PoS. Distinct API Chain Codes will differentiate between native and bridged USDC, ensuring seamless integration. Looking ahead, Polygon PoS has ambitious plans to enhance its cross-chain capabilities further. The introduction of the Cross-Chain Transfer Protocol (CCTP) will enable near-instant transfers of USDC between Polygon PoS and Ethereum, along with other supported chains.
The Polygon PoS community views this transition as a transformative phase, emphasizing improved stability and accessibility for all users. The adoption of native USDC marks a significant milestone, showcasing the platform’s commitment to fostering a robust and efficient ecosystem.