Binance will support the native USD Coin (USDC) on the Polygon PoS network issued by Circle. Deposits and withdrawals will open soon.
Key Takeaways
- Binance plans to support native USD Coin (USDC) on Polygon PoS network issued by Circle.
- Deposits and withdrawals for this support will be available soon.
- Current USDC on Polygon PoS Network deposits and withdrawals to be suspended on October 25, 2023.
- Circle discontinues support for deposits and withdrawals of abridged USDC.e on Polygon PoS.
Binance, one of the world’s largest cryptocurrency exchanges, has made an announcement regarding its plans to enhance support for the native USD Coin (USDC) on the Polygon Proof-of-Stake (PoS) network, which is issued by Circle. In the coming days, users can expect deposits and withdrawals to be made available, with updates provided as developments occur.
Circle Empowering The Native USDC
The abridged version of the coin, USD Coin (PoS) (USDC.e), already enjoys backing from the crypto giant and will now be adopting MATICUSDCE as its ticker symbol.
However, it’s important to note that deposits and withdrawals related to the existing USDC on the Polygon PoS Network will be suspended starting October 25, 2023, at 06:00 (UTC). On the other hand, Binance will continue to enhance the support for MATICUSDCE. Fortunately, these changes won’t impact any of the previously offered services by the firm, including USDC spot trading, margin trading, futures trading, Binance Earn, and Binance Pay.
Binance’s decision to expand its support for native USD Coin (USDC) on the Polygon PoS network is a significant move in the cryptocurrency industry. This collaboration with Circle aims to provide users with more options for using USDC on Polygon, ultimately contributing to the growth of the ecosystem. With the increasing popularity of Polygon PoS, this move aligns with the ongoing trend of making cryptocurrencies more accessible and efficient for users.
.@binance expands its support for $USDC on @0xPolygon, yet, there will be independent announcements regarding deposits and withdrawals#Binance #Polygon #USDChttps://t.co/phkcAVxaul
— The Crypto Times (@CryptoTimes_io) October 23, 2023
To Conclude
Circle’s decision to discontinue support for deposits and withdrawals related to the abridged USDC.e on Polygon PoS is a strategic move to streamline their operations. It’s essential for users to take note of this change and avoid any potential loss of funds by attempting transfers after November 10.
Polygon PoS continues to establish itself as a versatile and user-friendly platform, offering a range of applications and benefits to users worldwide. Its scalability, security, and low transaction costs make it an attractive choice for both developers and businesses. With a growing number of dApps and active wallet users, Polygon PoS is becoming a go-to platform for various blockchain-based activities, further solidifying its position in the crypto ecosystem.
