Binance has announced that it will support the native version of USD Coin (USDC) on the Polygon network, a layer-2 scaling solution for Ethereum. The native USDC is issued by Circle, a leading stablecoin issuer and fintech company.
Previously, Binance supported an abridged version of USDC on Polygon, which required bridging the stablecoin from Ethereum to Polygon. This process was costly and time-consuming, as it involved paying gas fees and waiting for confirmations. The abridged version of USDC on Polygon was denoted as USDC.e or MATICUSDCE.
Binance Switches from Abridged to Native USDC on Polygon
Now, Binance will support the native version of USDC on Polygon, which does not require bridging and can be minted and redeemed directly on Polygon. This will enable faster, cheaper, and more convenient transactions for users and developers who want to use USDC on Polygon.
The native version of USDC on Polygon will be denoted as USDC or MATICUSDC. According to Binance, the deposits and withdrawals of the abridged USDC.e on Polygon will be suspended from October 25, 2023, at 06:00 (UTC). However, Binance will continue to support the deposits and withdrawals of the native USDC on Polygon.
The exchange also stated that the integration of the native USDC on Polygon will not affect any of the existing services that use USDC, such as spot, futures, and margin trading, Binance Pay, and Binance Earn.
Circle also announced that it will stop supporting the deposits and withdrawals of the abridged USDC.e on Polygon for its Circle Mint and APIs from November 10, 2023. Users are advised not to send any USDC.e to Circle Mint accounts after that date, as it may result in the loss of funds.
Polygon is a scalable and secure proof-of-stake blockchain that leverages Ethereum’s decentralized security. It offers near-instant and near-zero cost transactions for users and developers who want to build and use decentralized applications (dApps) on Ethereum.
Polygon hosts over 475 dApps and over 300,000 active wallet users worldwide. The integration of the native USDC on Polygon is expected to boost the adoption and innovation of both platforms, as well as provide more value and utility for the crypto community.