Markets News Report
October 23, 2023

Binance Embraces Circle’s Native USDC on the Polygon Network

Binance Embraces Circle's Native USDC on the Polygon Network

Binance, one of the world’s leading cryptocurrency exchanges, has announced its support for Circle’s native USD Coin (USDC) on the Polygon network, signifying a strengthening alliance between major financial platforms and leading blockchain networks.

The integration will see a dual token system, as Binance continues to support the already available bridged version, the USDC. This bridged coin will now be recognized under the ticker MATICUSDCE on the platform. On the other hand, the native USD Coin (USDC) backed by Circle on the Polygon network has a separate identification.

For users, the differentiation is as follows:

  • Bridged USD Coin (PoS) (USDC.e) on the Polygon network: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
  • Native USD Coin (USDC) on Polygon network backed by Circle: 0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359

Operational Adjustments Ahead

As Binance moves towards full integration, there will be operational changes to note. Binance will temporarily stop the deposit and withdrawal services for the current USDC on the Polygon network. However, users can rest assured as other functionalities such as USD Coin spot trading, margin trading, futures trading, and services like Binance Earn will remain unaffected.

Binance has assured its users that the deposits and withdrawals for the bridged USD Coin, MATICUSDCE, will remain uninterrupted, providing continuity in user experience.

Binance’s statement also highlighted that there will be a separate announcement signaling the resumption of deposit and withdrawal services for the native USD Coin (USDC) once they are ready.

Binance, committed to transparency, emphasizes that if discrepancies arise between translated versions of their announcements and the original English version. For deeper insights into this integration, the platform recommends users check the official announcement from the project team.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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