- Native USDC comes to Polygon PoS on Oct 10, replacing bridged USDC with support ending Nov 10.
- Developers ensure a smooth transition; the Cross-Chain Transfer Protocol aims to eliminate delays.
Polygon PoS is poised to transform significantly by introducing native USDC (USD Coin) on October 10th, 2023. This is according to a tweet by Polygon Labs. This development marks a critical turning point for the ecosystem as it steers from relying on bridged USDC. This shift will have far-reaching implications for developers, users, and institutional investors.
October 10th – save the date. Native $USDC will launch on Polygon PoS.
Native USDC, issued by @circle, will be the official form of USDC for the Polygon PoS ecosystem.
The benefits?
– Fully reserved & always redeemable 1:1 for US dollars
– Supported by Circle Account & its APIs… https://t.co/yCSf4gmaab— Polygon (Labs) (@0xPolygonLabs) September 28, 2023
Circle will soon issue native USDC to Polygon PoS users, making it the primary USDC within the ecosystem. This change aims to enhance liquidity, gradually replacing bridged USDC, which flows from Ethereum through the Polygon PoS Bridge.
The Advantages of Embracing Native USDC
A standout feature of native USDC is its status as fully reserved and always redeemable at a 1:1 ratio for US dollars. Circle Account and its APIs will fully support this iteration, simplifying institutional on/off-ramps and addressing bridge withdrawal delays through the prospective CCTP (Cross-Chain Transfer Protocol).
In preparation for the launch of native USDC, the existing Ethereum-bridged version will be renamed USDC.e across block explorers like PolygonScan. This shift will be mirrored in ecosystem apps, impacting app UI and documentation.
Revised Token Details
Ethereum-Bridged USDC:
- Token Symbol: USDC.e
- Token Address: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
Native USDC Issued by Circle:
- Token Symbol: USDC
- Token Address: 0x3c499c542cef5e3811e1192ce70d8cc03d5c3359
Circle Account and its APIs will offer a 30-day grace period starting October 10th, during which they will accommodate deposits and withdrawals for both native USDC and bridged USDC.e. However, come November 10th, support for bridged USDC.e on Polygon PoS will cease entirely. Therefore, it is crucial to refrain from attempting to send bridged USDC.e to your Circle Account after this date to avoid potential unrecoverable losses.
Adjusting Circle’s API Chain Codes
For Circle customers relying on Circle Account and its APIs, it will be essential to make necessary adjustments to their API integration to align with native USDC on Polygon PoS. This entails changes to API Chain Codes:
Native USDC on Polygon PoS:
- Token Symbol: USDC
- Token Address: 0x3c499c542cef5e3811e1192ce70d8cc03d5c3359
- API Currency Code: USD
- API Chain Code: POLY
Ethereum-Bridged USDC on Polygon PoS:
- Token Symbol: USDC.e
- Token Address: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
- API Currency Code: USD
- API Chain Code: MATIC
It’s important to note that Circle’s APIs differentiate between native USDC on Polygon PoS and bridged USDC using distinct API Chain Codes, while the API Currency Codes remain consistent.
Liquidity Transition and Future Prospects
Ecosystem developers are diligently working to facilitate a seamless shift from USDC.e to native USDC on Polygon PoS, ensuring that services continue without interruption. Additionally, the Polygon PoS Bridge will maintain its normal operations.
Circle has plans to introduce the Cross-Chain Transfer Protocol (CCTP) to Polygon PoS post-native USDC launch. This significant upgrade will enable swift, native transfers of USDC between Ethereum and other supported chains, effectively eliminating withdrawal delays.
