Binance, a major cryptocurrency exchange, has revealed its intention to increase the use of the native USD coin on the Polygon PoS network.
Binance, one of the world’s leading cryptocurrency exchanges, has announced its plans to support the native USD Coin (USDC) on the Polygon Proof of Stake (PoS) network, which is issued by Circle. Users can expect deposits and withdrawals to become available soon, and any updates will be communicated separately.
The abbreviated version of the coin, known as USD Coin (PoS) (USDC.e), is already backed by Binance and will now use MATICUSDCE as its ticker.
Starting on October 25, 2023, at 06:00 (UTC), Binance will suspend deposits and withdrawals of the current USDC on the Polygon PoS Network. However, deposits and withdrawals for MATICUSDCE will continue to be supported by Binance.
It’s important to note that this forthcoming project to enhance support for the native USD coin on Polygon will not affect any of the existing services offered by Binance, including USDC spot trading, margin trading, futures trading, Binance Earn, and Binance Pay.
Circle Empowers Native USDC
In a recent move, stablecoin issuer Circle unveiled its intention to mint the native USD coin (USDC) on the Polygon PoS network, which operates as an Ethereum-based layer-2 scaling solution. This initiative allows users and developers to access USDC directly on the Polygon network without the need to bridge the stablecoin from Ethereum to another blockchain.
However, Circle’s plan includes discontinuing support for deposits and withdrawals related to the simplified USDC.e on the Polygon PoS network, specifically for Circle Mint and its associated APIs. Moving forward, only the native USDC will be accommodated.
A critical note from the company advises users to avoid attempting any transfers of USDC.e to Circle Mint accounts after November 10, as such actions could potentially result in the loss of funds.
Polygon PoS: Empowering Decentralized Applications
Polygon PoS is a scalable proof-of-stake (PoS) blockchain that builds upon Ethereum’s strong security foundation, providing enhanced cost efficiency and swift transaction settlement times. This network opens up opportunities for businesses and developers globally to create and enhance applications, utilizing USDC on the Polygon PoS platform.
These applications hold a strong appeal to the public because they offer benefits like nearly instant, extremely cost-effective transactions on a global scale.
The Polygon PoS network is rapidly gaining popularity as the preferred choice for users. It boasts an impressive portfolio of over 475 decentralized applications (dApps) and more than 300,000 active wallet users worldwide.
This means that businesses and developers focused on creating user-friendly experiences can readily tap into Polygon PoS for various purposes, including payments, remittances, trading, borrowing, lending, and much more.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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