Binance, one of the prominent cryptocurrency exchanges, is poised to integrate the USD Coin (USDC), issued by fintech company Circle, onto the Polygon network. This strategic move is in response to the growing utilization of Polygon’s network by businesses and developers globally. Polygon is celebrated for its Ethereum-based layer-2 scaling protocol, renowned for facilitating near-instant, low-cost transactions. With over 300,000 active wallet users and a flourishing ecosystem of 475 decentralized applications (dApps) for a variety of financial operations like payments, remittances, trading, borrowing, and lending, Polygon continues to attract substantial interest.
The disclosure of Circle’s USDC integration on Polygon was made by Colin Wu, a prominent figure in the Chinese cryptocurrency landscape. This development underscores Binance’s commitment to bolstering the accessibility of digital assets within the Polygon ecosystem. Notably, Binance will concurrently maintain support for the existing bridged version of USDC, referred to as USDC.e. On the Polygon network, USDC.e will be traded under the unique identifier MATICUSDCE and will remain unaffected by this transition.
However, it’s crucial to be aware that starting from Tuesday, October 25, 2023, deposit and withdrawal services for the current USDCs on Polygon will be temporarily suspended. Binance, in an effort to ensure a seamless experience for its users, has guaranteed that trading services linked to the bridged USDC will remain operational without any interruptions during this transitional phase. This includes spot trading, futures trading, margin trading facilitated through Binance Earn, and transactions via Binance Pay, all of which will continue to function as usual.
In a precautionary advisory, Circle Mint has recommended refraining from initiating transfers of USDC.e to its accounts post-November 10. This advisory comes against the backdrop of escalating Bitcoin shorts and a Bitcoin price exceeding the $30,000 threshold, according to insights provided by Jameson Lopp.