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 assist 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 by way of the Polygon Bridge in June 2022.

Polygon USDC shouldn’t be 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 at the moment supported on BitPay will robotically be open for swaps on the Polygon community.

The present listing of upcoming Polygon-supported tokens on BitPay consists of Polygon USDC, Polygon Ether (ETH), Polygon Dai (DAI) and Polygon Wrapped Bitcoin (WBTC).

“For brand spanking new cash typically, together with ERC-20 particularly, we’re always reviewing and evaluating cash,” Zielke stated, including that BitPay has a “few massive cash deliberate.”

With the brand new improvement, BitPay retailers will have the ability to settle for Polygon funds from main Polygon wallets. Panini America, a significant 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 just accept, we take a look at many components, however among the many most vital is its fee utility and group involvement,” BitPay CEO Stephen Pair stated, including:

“Including MATIC to the combination of cryptos that BitPay helps gives companies a quick, secure and safe various to conventional fee strategies and paves the best way for blockchain funds to disrupt the best way shoppers and companies obtain and spend funds.”

Polygon-bridged stablecoins are considerably smaller than these working on native blockchains by way of adoption to date. In response to knowledge 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 whole Dai market cap.

Associated: Bitcoin still dominates total payments on BitPay despite the bear market

Polygon’s native token, MATIC (MATIC), has seen some notable progress just lately amid main monetary establishments starting to see the potential advantages of adopting Polygon’s expertise. In mid-October, Warren Buffett-backed fintech firm Nubank introduced the launch of the Nucoin token on the Polygon blockchain.