Native USDC will launch on Polygon PoS on October 10th, which will kickoff a transition away from bridged USDC for ecosystem apps, developers, and users. This transition will also coincide with a discontinuation of support for deposits and withdrawals of bridged USDC via Circle Account and its APIs on November 10th.
Please read on for everything you need to know regarding timelines and FAQs for this transition.
Native to Polygon PoS
USDC issued by Circle will be native to Polygon PoS and will be the official form of USDC for the ecosystem. Over time, native USDC liquidity will grow and replace the bridged USDC liquidity that comes from Ethereum via the Polygon PoS Bridge.
Benefits of native USDC
- Fully reserved and always redeemable 1:1 for US dollars
- Supported by Circle Account and its APIs
- Enables institutional on/off-ramps
- Future support by #CCTP to eliminate bridge withdrawal delays
Understanding bridged vs. native
Ahead of the launch of native USDC, the Ethereum-bridged form of USDC on block explorers like PolygonScan will be renamed as USDC.e. There will also be outreach to ecosystem apps to make the same change in their app UI and documentation.
Bridged USDC from Ethereum
Token Symbol: USDC.e
Token Address: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
Native USDC issued by Circle
Token Symbol: USDC
Token Address: 0x3c499c542cef5e3811e1192ce70d8cc03d5c3359
Circle Account and its APIs will only support native USDC
When native USDC on Polygon PoS launches on October 10th, Circle Account will support deposits and withdrawals for both native USDC and bridged USDC.e for 30 days.
On November 10th, Circle will discontinue support of deposits and withdrawals for bridged USDC.e on Polygon PoS for Circle Account and its APIs, including Express. After that time, only native USDC will be supported moving forward.
This means after November 10th, you should not attempt to send bridged USDC.e to your Circle Account, as it may not be recoverable and could result in a loss of funds.
Changes to Circle’s API Chain Codes
For Circle customers that utilize Circle Account and its APIs, you will need to adjust your API integration to work with native USDC on Polygon PoS moving forward.
Native USDC on Polygon PoS
Token Symbol: USDC
Token Address: 0x3c499c542cef5e3811e1192ce70d8cc03d5c3359
API Currency Code: USD
API Chain Code: POLY
Bridged USDC on Polygon PoS
Token Symbol: USDC.e
Token Address: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
API Currency Code: USD
API Chain Code: MATIC
Please note that Circle APIs differentiate between native USDC on Polygon PoS and bridged USDC on Polygon PoS by utilizing different API Chain Codes. The API Currency Codes are the same.
Liquidity migration
Ecosystem developers will work to ensure a smooth transition from USDC.e to USDC on Polygon PoS over time. There will be no immediate changes to the Polygon PoS Bridge and it will continue to operate normally.
To improve the developer and user experience, Circle intends to bring Cross-Chain Transfer Protocol (CCTP) to Polygon PoS after the launch of native USDC. Upon integration into the Polygon PoS Bridge, this will enable USDC to move natively to and from Ethereum (and many other supported chains) in minutes – no more withdrawal delays.
Stay tuned for launch on October 10th
We’re very excited about what native USDC means for the Polygon PoS ecosystem! Please reach out to your Circle rep or via Discord if you have any questions. #StableSeptember is marching on into October…
