Bridged USDC (Polygon PoS Bridge) refers to a version of the USD Coin (USDC) stablecoin that was transferred from the Ethereum blockchain to the Polygon Proof-of-Stake (PoS) network via a bridging mechanism. This bridged asset, often identified as USDC.e, was distinct from the native USDC issued directly on Polygon PoS by Circle. ^[1]

Overview

Polygon PoS network has utilized bridged versions of USDC, such as USDC.e, which originated from Ethereum and were moved across the Polygon Bridge. This allowed for the use of USDC within the Polygon ecosystem. Polygon PoS is a scalable blockchain designed to complement Ethereum's security by offering improved transaction speeds and reduced costs, making it suitable for a wide range of decentralized applications ^[1].

However, Circle, the issuer of USDC, transitioned its support to a native version of USDC directly issued on the Polygon PoS blockchain. This strategic shift aimed to streamline the stablecoin's presence and functionality within the Polygon ecosystem, ensuring a more direct and secure integration for users and developers. The native USDC on Polygon PoS is directly issued and redeemable 1:1 for US dollars, backed by Circle's reserves ^{[2] [3]}.

Use Cases

Native USDC on Polygon PoS is utilized across a variety of applications and services within the Polygon ecosystem, benefiting from the network's low transaction fees and high throughput. Popular applications that integrate native USDC on Polygon PoS include:

• Decentralized Finance (DeFi): Lending protocols like AAVE and Compound, decentralized exchanges (DEXs) such as Curve, Quickswap, and Uniswap, leverage native USDC for liquidity provision, trading, and yield farming ^[2].
• Payments: USDC facilitates low-cost, near-instant global payments, enabling businesses and individuals to conduct cross-border transactions efficiently ^[6].
• Dollar Access: It provides a stable store of value, offering access to a digital dollar worldwide, particularly in regions with volatile local currencies ^[7].
• Trading Services: Native USDC powers liquid financial markets, providing a regulated stablecoin for trading and market making activities ^[8].

Tokenomics

The token maintains a 1:1 peg to the U.S. dollar and is issued by Circle. Its max total supply on Polygon is 662.2 million USDC, with an on-chain market capitalization of around $662.1 million. The broader circulating market cap of USDC across all chains stands at over $64.7 billion. With more than 152 million total transfers and nearly 2 million holders, the token supports stable, scalable value exchange within the Polygon DeFi ecosystem.