BitPay to introduce USDC and ETH payments on Polygon network
Main cryptocurrency agency BitPay is increasing the scope of supported blockchain networks, getting ready to debut funds in ERC-20 tokens on the Polygon community.
On Oct. 26, BitPay and Polygon collectively introduced the mixing of Polygon on the BitPay app, permitting prospects to spend Polygon-bridged ERC-20 tokens.
The BitPay app is particularly getting ready to help funds in tokens like Polygon-based USD Coin (USDC) later this week. USDC developer Circle initially launched the USDC stablecoin on the Ethereum blockchain, bridging it over to Polygon through the Polygon Bridge in June 2022.
Polygon USDC just isn’t the one Polygon-bridged token that’s coming to BitPay. BitPay’s chief advertising and marketing officer, Invoice Zielke, instructed Cointelegraph that any ERC-20 cash presently supported on BitPay will mechanically be open for swaps on the Polygon community.
The present checklist of upcoming Polygon-supported tokens on BitPay consists of Polygon USDC, Polygon Ether (ETH), Polygon Dai (DAI) and Polygon Wrapped Bitcoin (WBTC).
“For brand new cash typically, together with ERC-20 particularly, we’re continuously reviewing and evaluating cash,” Zielke stated, including that BitPay has a “few huge cash deliberate.”
With the brand new growth, BitPay retailers will be capable of settle for Polygon funds from main Polygon wallets. Panini America, a serious United States-based sports activities and leisure collectibles firm, would be the first service provider to undertake the brand new digital fee choice.
“When including a brand new coin for retailers to simply accept, we take a look at many components, however among the many most essential is its fee utility and neighborhood involvement,” BitPay CEO Stephen Pair stated, including:
“Including MATIC to the combination of cryptos that BitPay helps presents companies a quick, protected and safe different to conventional fee strategies and paves the best way for blockchain funds to disrupt the best way customers and companies obtain and spend funds.”
Polygon-bridged stablecoins are considerably smaller than these operating on native blockchains by way of adoption up to now. In line with information from DefiLlama, the market capitalization of Polygon-based USDC amounts to roughly $940 million, or simply about 2% of all 43.9 million USDC in circulation on the time of writing. Equally, there may be solely $130.5 million of Polygon Dai, accounting for two.3% of the overall Dai market cap.
Associated: Bitcoin nonetheless dominates whole funds on BitPay regardless of the bear market
Polygon’s native token, MATIC (MATIC), has seen some notable development not too long ago amid main monetary establishments starting to see the potential advantages of adopting Polygon’s know-how. In mid-October, Warren Buffett-backed fintech agency Nubank introduced the launch of the Nucoin token on the Polygon blockchain.
