Binance Expands Support for Native USDC Coin on Polygon PoS Network
Crypto News – Binance, one of the world’s largest cryptocurrency exchanges, has recently unveiled its plans to extend support for the native USD Coin (USDC) on the Polygon Proof of Stake (PoS) network, which is issued by Circle. Binance users can expect the activation of deposits and withdrawals for this service in the near future, with notifications to follow as developments progress.
In conjunction with this expansion, Binance will adopt the ticker “MATICUSDCE” for the abbreviated version of the coin, USD Coin (PoS) (USDC.e), reinforcing its commitment to this cryptocurrency. However, it’s important to note that deposits and withdrawals associated with the existing USDC on the Polygon PoS network will be temporarily suspended starting from October 25, 2023, at 06:00 (UTC). Meanwhile, MATICUSDCE transactions will continue without interruption.
This strategic initiative to bolster support for the native USD Coin on the Polygon network will not disrupt any of the previously offered services by Binance, which include USDC spot trading, margin trading, futures trading, Binance Earn, and Binance Pay.
Turning our attention to Circle, the stablecoin issuer, they recently announced their intention to mint the native USD Coin (USDC) on the Polygon PoS network, an Ethereum-based layer-2 scaling protocol. This announcement enables users and developers to access USDC without the need for bridging the stablecoin from Ethereum to another blockchain.
As part of this transition, Circle plans to phase out support for deposits and withdrawals related to the abridged USDC.e on the Polygon PoS for Circle Mint and its APIs. Moving forward, only native USDC will be supported. A word of caution: Circle advises users not to attempt transfers of USDC.e to Circle Mint accounts after November 10, as it may lead to potential loss of funds.
A closer look at Polygon PoS reveals its status as a scalable proof-of-stake (PoS) blockchain that complements Ethereum’s decentralized security. It offers cost efficiency and swift settlement times, making it an attractive platform for businesses and developers worldwide. By utilizing USDC on the Polygon PoS network, they can create and develop applications that feature near-instant, low-cost transactions, appealing to a broad user base.
The Polygon PoS network has gained prominence, with over 475 decentralized applications (dApps) and more than 300,000 active wallet users worldwide. This network empowers businesses and developers to design user experiences for payments, remittances, trading, borrowing, lending, and various other functionalities.
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