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Circle to Support Polygon USDC on Payments Platform as Adoption Grows

The move will allow for swapping native USDC across eight other blockchain networks.

By Michael Bellusci
AccessTimeIconJun 7, 2022 at 3:54 p.m. UTC
Updated May 11, 2023 at 6:51 p.m. UTC
Circle CEO Jeremy Allaire. ( (Danny Nelson/CoinDesk)

Circle CEO Jeremy Allaire. ( (Danny Nelson/CoinDesk)

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USDC stablecoin issuer Circle is adding support for Polygon USDC on its payments and treasury platform, the company said Tuesday in a statement.

  • The move will help developers building on Circle automate flows from fiat into Polygon USDC, along with being able to swap it for native USDC across various blockchain networks.
  • Polygon USDC is a bridged version of USDC, as opposed to a native implementation such as is issued on blockchains including Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar and Tron.
  • Adding Polygon USDC marks the first time a bridged version of the stablecoin has been supported on the platform.
  • "Polygon is an attractive entry point for businesses and developers to build in an established and liquid ecosystem with faster settlement times and reduced costs," Circle CEO Jeremy Allaire said. "Supporting Polygon USDC in the Circle Account and Circle APIs is another step toward making USDC interoperable across more leading blockchains, helping foster greater adoption for dollar digital currency on the internet."
  • Circle's USDC stablecoin has over $54 billion in circulation, according to the statement.
  • In May, Circle argued that the U.S. Federal Reserve should pass on launching a digital dollar, arguing that could strangle private-sector efforts such as Circle's to manage their own dollar-based tokens.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter

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