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.
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
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.