Polygon USDC’s addition to Circle will cut gas fees

A Polygon logon on a smartphone
Polygon USDC’s addition to Circle will cut gas fees – Photo: Shutterstock

The second biggest stablecoin US Dollar Coin (USDC) now supports Polygon, its backers – a cryptocurrency-focused payment company Circle – said.

Polygon-native USDC will replace the current process of bridging USDC from Ethereum to Polygon manually via the Polygon Bridge. The update will cut transaction times and ether gas fees. 

MATIC to US dollar

Following the addition of Polygon-native USDC, Circle users – generally institutional traders – can convert fiat currency to Polygon USDC and back to fiat currency “in seconds”, according to the company.

This follows the biggest stablecoin, Tether (USDT), launching on Polygon last month.

The Polygon network, which is powered by MATIC token, is a so-called ‘layer 2’ scaling solution designed to enable decentralized applications (dApps) built for Ethereum (ETH) run on faster, more efficient networks.

In early Asia trading on 9 June MATIC was $0.6073, making it the 18th largest cryptocurrency by market capitalization, according to CoinMarketCap.com. 

The team behind Polygon, Polygon Studios, recently kicked off a Terra Developer Fund – which is supposed to help projects move their Ethereum-based projects from collapsed Terra ecosystem to Polygon.

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Migrating former Terra projects

The first project to be migrated is an non-fungible token (NFT) marketplace OpenPlanet

Polygon is not the only chain looking to profit from Terra’s collapse. On Tuesday Solana (SOL), announced a $100m fund which will target Korean developers who previously worked on the Terra blockchain.

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