Circle recently announced the deployment of native USDC tokens on the Polygon network. This will enable companies and developers to create decentralized applications using USDC on Polygon. As well as simplifying processes and reducing costs. Previously, users had to rely on bridged USDC (USDC.e) from the Ethereum blockchain.
The advantages of native USDC on Polygon
Deploying native USDC on Polygon offers several significant advantages for users:
- Low transaction fees: One of the main reasons for using USDC on Polygon is the extremely low transaction fees. Unlike transactions on the Ethereum blockchain, transactions on Polygon are far more economical.
- International transfers: Polygon’s native USDC facilitates international payments and transfers thanks to its low fees. Users can send and receive money worldwide.
- Simplified access to DeFi protocols: With native USDC, access to decentralized trading, borrowing and lending platforms is easier. These include Aave, Compound, Curve, Uniswap and QuickSwap.
How do I make the transition to native USDC on Polygon?
If you already have bridged USDC.e tokens, it’s important to prepare for the transition to native USDC on Polygon. Here are the steps to follow to make this migration:
- Withdraw your USDC.e tokens: before November 10, withdraw your USDC.e tokens from your Circle Mint account or any other electronic wallet using this type of USDC.
- Exchange your USDC.e for native USDC: you can exchange your USDC.e tokens for native USDC tokens on various decentralized trading platforms.
Take deadlines and constraints into account
Please note that the exchange process may take some time, and will vary depending on the platform you use. It is therefore essential to plan this transition with sufficient margin before November 10. Remember that any attempt to send USDC.e after this date may result in an irrecoverable loss of assets.
Conclusion
The introduction of native USDC on Polygon represents an important step in the development of decentralized applications and the DeFi ecosystem. Don’t forget to follow the steps above for a secure and beneficial transaction.
