Polygon (CRYPTO: MATIC), the leading layer 2 scaling solution on Ethereum (CRYPTO: ETH), will now enjoy the addition of USDC (CRYPTO: USDC) stablecoin on its blockchain network. It has the largest developer ecosystem and the strongest liquidity among all blockchains. PolygonUSDC will be accessible through a free Circle Account and through dApps on Polygon.

Circle is not launching USDC natively on Polygon, but is initiating support of the existing, widely used Polygon USDC within the Circle Account and Circle APIs.

The Polygon Bridge was created by Polygon to assist users in bringing digital assets (like USDC) from Ethereum over to Polygon to leverage reduced transaction costs and faster settlement times. The Polygon ecosystem consists of more than 19,000 dApps and transacts with over 2.7 million monthly active users.

Also Read: Ethereum Network Activity 'Rather Disappointing' After Shanghai Upgrade: JPMorgan

Circle said that the proportion of person-to-person transfers in all cross-chain USDC transactions on Polygon has increased from 16% in January 2023 to 40% in June 2023.

USDC Stablecoins Networks Expansion

Circle previously announced its plans to launch USDC for five new blockchain ecosystems in September and a sixth chain, Polygon PoS, in October. Native USDC was launched on Polkadot Asset Hub and Layer-1 Blockchain NEAR protocol ecosystem in September.

The stablecoin is now the one with the most expansive reach in blockchain networks with 14 of them including Ethereum, Tron, and Stellar.

Read More: Polkadot Adds USDC Stablecoin To Hub, Leads Race In Supported Blockchain Networks

Photo: Shutterstock