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- Polygon PoS is integrating native USDC from Circle to foster ecosystem development.
- Future initiatives include a Cross-Chain Transfer Protocol for expedited transfers.
Polygon PoS, a leading layer 2 scaling solution for Ethereum, is poised for a notable change as it prepares to introduce native USDC from Circle, the issuer of USDC, on October 10th. This initiative aims to decrease dependence on bridged USDC.
The shift to native USDC brings several benefits as outlined by Circle. It guarantees that USDC issued by Circle will be entirely backed and always redeemable on a 1:1 basis for US dollars. This development will also enhance institutional on/off-ramps and simplify support through Circle Account and its APIs.
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1/ We might need a new hashtag because October is fast approaching and #StableSeptember isn’t slowing down.
Native $USDC will launch on @0xPolygon on October 10th, so let’s learn all the details for how the ecosystem will transition away from bridged USDC.https://t.co/7vVKOIIPXY— Circle (@circle) September 28, 2023
Importantly, to facilitate this transition, Ethereum’s bridged USDC will be renamed to USDC.e prior to the launch. This change will be reflected on block explorers and will also apply to ecosystem applications and their user interfaces.
Circle Account will continue to allow deposits and withdrawals for both native USDC and bridged USDC.e for a period of 30 days following the launch. On November 10th, Circle will discontinue support for bridged USDC.e, including Express withdrawals. Users are advised against sending bridged USDC.e to their Circle Account after this date to prevent potential loss of funds.
Furthermore, Circle’s APIs will be modified to support native USDC on Polygon PoS, with separate API Chain Codes distinguishing between native and bridged USDC. In the future, Polygon PoS plans to further improve its cross-chain capabilities with the Cross-Chain Transfer Protocol (CCTP), which will enable near-instant transfers of USDC between Polygon PoS and Ethereum, along with other supported chains.
Meanwhile, the community perceives this transition as a pivotal moment for the Polygon PoS ecosystem, highlighting enhanced stability and accessibility for its users.
