Polymarket to swap bridged USDC.e on Polygon for native USDC via Circle partnership

Polymarket, a leading decentralized information markets platform, has announced a critical initiative to standardize its primary settlement asset on the Polygon network. The platform is partnering directly with Circle, the issuer of USD Coin (USDC), to facilitate the migration of bridged USDC.e assets to native, Circle-issued USDC.

For a considerable period, liquidity on Polygon relied heavily on USDC.e, which represented USDC bridged from the Ethereum network via various protocols. While essential for early growth, the reliance on bridged assets introduces potential complexity regarding bridge security and capital fragmentation. The recent introduction of native USDC by Circle directly on Polygon allows ecosystems to utilize a standardized, official version of the stablecoin, enhancing security and maximizing redeemability.

Polymarket’s proactive decision ensures that the significant liquidity held within its settlement mechanisms is transitioned securely and efficiently. This partnership streamlines the process, guaranteeing that users who hold prediction market positions backed by USDC.e will ultimately be settled using the official native Polygon USDC standard. This transition is crucial for enhancing the platform’s operational robustness, improving capital efficiency, and integrating better with emerging standards like Circle’s Cross-Chain Transfer Protocol (CCTP).

The successful migration will provide Polymarket users with the most secure and liquid stablecoin version available on Polygon, cementing the platform’s commitment to long-term stability and best practices within the Web3 ecosystem.

Source: Polymarket to swap bridged USDC.e on Polygon for native USDC via Circle partnership