Cryptocurrency exchange Coinbase announced the addition of the Polygon (MATIC) network to its multi-chain availability for USDC.
According to the statement, USDC token deposits can now be made on the Polygon network. Previously, only USDC.e, a bridged version of the USDC token, was available on the Polygon network. The bridged version was not supported by the stablecoin's distributor, Circle.
Coinbase just expanded multi-chain availability for USDC on Polygon. We look forward to more efficient USDC transactions with this launch! pic.twitter.com/xrRxXKSs7f
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) October 10, 2023
USDC adoption on Polygon had increased significantly. According to data, over the past 24 months USDC.e has reached almost $475 billion in volume on Polygon PoS, processing almost 1 in every 10 transactions on the chain.
The number of wallets also increased rapidly, reaching 6.6 million by June 2023, and almost 1.6 million new wallets have been created since January 2023.
On November 10, Circle will discontinue deposit and withdrawal support for USDC.e bridged over Polygon PoS for its APIs, including Circle Mint and Express. After this date, only local USDC will be supported.
At the time of writing, USDC is the second largest stablecoin in the world after Tether and has a market value of $25 billion. However, Tether has a market value of $83 billion.
*This is not investment advice.
