Circle, a USDC stablecoin issuer, is incorporating the use of Polygon USDC into its payment system. The organization stated this on Tuesday, June 7. As a result, operations on Circle APIs will now take a new dimension for developers.
For example, integrating fiat currencies into Polygon USDC is now a simple task. Several emerging NFT applications, payments, and DeFi cases will be affected by this change.
In May 2022, Circle’s argument cited that the United States Federal Reserve is to hand over the launching of the digital dollar.
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It further stated that it is also ideal for private sectors like Circle to handle their dollar-based tokens. These changes will be a source of assistance to Circle’s developers, helping them automate the flow of fiat into USDC. Also, this will create a better swapping transaction of the regular USDC throughout different blockchain networks.
Polygon USDC is not native to different blockchains like Ethereum, Tron, Solana, Avalanche, and Algorand. Instead, it is an integrated version of USDC. There has not been a time before now when a bridge version received support on the Circle platform. This marks the first occurrence.
Circle Accounts API
The Circle accounts API makes creating, balancing, and managing customers easy. This also includes funds transfers throughout different accounts in or out of the Circle platform. Digital traders carry out these transactions through USDC on-chain connectivity.
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The accounts API moderates the complexity of holding and securing all available assets. They also eliminate the hassles of managing transaction fees and blockchain addresses. Additionally, via Circle API, it is possible to:
- Support the balances of ETH and BTC as additional features to USDC
- Curb several different account assets infrastructure with regards to customers.
- Perform funds transfer seamlessly through all hosted accounts on the USDC on-chain connectivity.
- Receive all USDC deposits at a low cost without a tendency for hitches.
- Include USD subjugated accounts into products and services without going through the hassles of bank account policies.
Every customer across over 150 countries has the right to these possibilities. Also, based on their experience, they could support more than 10 million digital customer accounts. Moreover, they possess about $5 billion in digital assets and perform $100 billion in transactions.
About Polygon USDC
Polygon USDC is an efficient way to perform transactions on the Ethereum blockchain at a cheaper cost. Therefore, it is often considered a Layer 2 solution for scaling and functions on dApps based on the Ethereum network.
Polygon operations create scalability for developers in terms of running all dApps. This also includes the ease of accessing Web3 commerce, efficient infrastructure, NFTs, DeFi, etc. In May 2022, Polygon hosted over 19,000 dApps. At the time, they had more than 2.7 million actively utilized wallets every month.
Featured image from EuroNews, chart from TradingView.com