Introduction
Circle recently introduced a native version of USDC on the Polygon Proof-of-Stake (PoS) network, replacing the previously bridged variant (USDC.e). This migration streamlines transactions and enhances liquidity for decentralized applications (dApps). Here’s what users and developers need to know.
Key Changes in Polygon PoS USDC
1. Native USDC Launch by Circle
On October 10, 2023, Circle began issuing USDC directly on Polygon, enabling 1:1 redemptions for USD and integration with Circle Mint and APIs. This eliminates the need for Ethereum bridging, reducing fees and delays.
Current Adoption:
- **$11.4M** in total supply (0.004% of USDC’s global $25.4B supply).
- 3,201 addresses and 27,325 transfers (source: Polygonscan).
2. Bridged (USDC.e) vs. Native USDC
| Feature | Bridged USDC.e | Native USDC |
|---|---|---|
| Issuer | Third-party bridges | Circle |
| Redemption | Non-redeemable via Circle | 1:1 USD redeemable |
| Liquidity | $520M across 2M addresses | Growing (recent launch) |
| Support | Deprecated by Circle post-Nov 10, 2023 | Fully supported |
Note: Exchanges like Binance still support USDC.e, but Circle will halt API/Mint integrations for it.
User Action Plan
3. Steps to Take Before November 10, 2023
Holders of USDC.e:
- No forced migration, but verify contract addresses when transacting.
- Swap to native USDC if using Circle Mint to avoid fund loss.
Developers:
- Update dApps to reference the new native USDC contract (
0x3c499c542cEF5E3811e1192ce70d8cC03d5C3359).
- Update dApps to reference the new native USDC contract (
👉 Swap bridged USDC.e to native USDC
Future Outlook
- Native USDC is expected to dominate liquidity pools and DeFi protocols on Polygon.
- Monitor official channels like Circle’s Transparency Page for updates.
FAQs
Q: Does USDC work on Polygon?
A: Yes—both bridged (USDC.e) and native versions are operational, but Circle will cease support for USDC.e after November 10, 2023.
Q: How do I acquire native USDC on Polygon?
A: Buy directly via Circle Mint or swap from USDC.e through supported exchanges.
Q: Can I send USDC over Polygon?
A: Absolutely. Both versions support low-cost, fast transfers.
Q: Will USDC.e disappear?
A: No, but Circle’s services (e.g., Mint/API) will only process native USDC post-deadline.
Summary
- Native USDC simplifies transactions and boosts Polygon’s DeFi ecosystem.
- Verify contracts and migrate USDC.e balances if needed.
- Stay updated via Circle’s announcements and trusted exchanges.
Pro Tip: Bookmark Polygonscan to monitor real-time USDC activity.
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