Binance Welcomes Circle’s USDC on the Polygon Network
In Brief
The Binance cryptocurrency exchange is set to back Circle's original USD Coin (USDC) on the Polygon network.
Binance, recognized as a leading player in the cryptocurrency exchange realm, has announced showcases its backing for Circle’s native USD Coin (USDC) operating within the Polygon network indicating a growing bond between key financial ecosystems and prominent blockchain technologies.
This integration will introduce a dual-token framework, as Binance continues to facilitate the existing bridged version of USDC. This bridged variant will now be listed under the ticker MATICUSDCE on the platform, while the native USD Coin (USDC), supported by Circle on the Polygon network, will have its distinct identifier.
For users, here's how to distinguish between the two:
- Bridged USD Coin (PoS) (USDC.e) on the Polygon network: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
- Native USD Coin (USDC) on the Polygon network backed by Circle: 0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359
Binance is set to support the original USD Coin (USDC) on the Polygon network, which is issued by Circle.
— Wu Blockchain (@WuBlockchain) October 23, 2023
The bridged variant of USD Coin (PoS) (USDC.e) will adopt MATICUSDCE as its ticker on Binance. Transactions involving deposits and withdrawals for MATICUSDCE will continue smoothly. https://t.co/Fpcop0Gk9o
Operational Adjustments Ahead
As Binance gears up for complete integration, users should be aware of some operational changes. Temporarily, deposit and withdrawal functions for the current USDC on the Polygon network will be halted. However, users can take comfort in the fact that services such as USD Coin spot trading, margin trading, futures trading, and Binance Earn will remain unaffected.
Binance has reassured its customers that operations for depositing and withdrawing bridged USD Coin, MATICUSDCE, will persist without interruption, ensuring a seamless user experience.
The statement from Binance also indicated that a separate update will be provided regarding the resumption of deposit and withdrawal services for the native USD Coin (USDC) once preparations are finalized.
Highlighting its commitment to transparency, Binance noted that if there are any inconsistencies between translated versions of its announcements and the original English text, users should refer to the latter. For further insights on this integration, the platform advises users to check the official statements from the project team.
Disclaimer
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