Binance, a leading cryptocurrency exchange, is set to integrate the USD Coin (USDC) issued by fintech firm Circle onto the Polygon network. This move comes as businesses and developers worldwide continue to leverage Polygon's network, which boasts over 300k active wallet users and 475 decentralized applications (dApps) for various financial operations such as payments, remittances, trading, borrowing, and lending.
The integration of Circle's USDC on Polygon, an Ethereum-based layer-2 scaling protocol known for its near-instant and near-zero cost transactions, was disclosed by Colin Wu, a prominent figure in the Chinese crypto space. Despite this addition, Binance will continue to support the existing bridged version of USDC. This version, abbreviated as USDC.e, will trade under the unique identifier MATICUSDCE on Polygon and remains unaffected by the changes.
However, from Tuesday, October 25, 2023, deposit and withdrawal services for the current USDCs on Polygon will be temporarily halted. Binance has assured that there will be no interruptions in trading services related to the bridged USDC during this transition period. Other services including spot trading, futures trading, margin trading through Binance Earn, and transactions via Binance Pay will also remain unaffected.
In a cautionary note, Circle Mint has advised against post-November 10 transfers of USDC.e to its accounts. This advisory comes amid rising Bitcoin shorts and a Bitcoin price over $30,000 according to Jameson Lopp.
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