We’re Migrating To The Native USDC-POLY Token!
Summary:
Starting from November 6, 2023, PayTrie will offer USDC-POLY as a Native Token, and deprecate support for USDC-POLY as a Bridged Token.
What is USDC?
USD Coin (USDC) is a digital stablecoin pegged to the United States dollar. USDC is managed by a consortium called Centre. All minted USDC is backed by a dollar held in reserve or by other approved investments.
What is a Bridged Token vs. a Native Token?
A Bridged Token is an asset bridged from another network. For example, USDC on Polygon was originally minted on the Ethereum network and bridged over to the Polygon network as a Bridged Token. To redeem a Bridged Token, it needs to be bridged back to the original network.
A Native Token is an asset that can be minted and redeemed on the chain where it is native. Circle launched USDC as a Native Token on Polygon on October 10, 2023. Starting from November 6, 2023, PayTrie will also offer USDC as a Native Token on the Polygon network.
What does this mean for current USDC-POLY holders?
While both USDC-POLY Bridged and USDC-POLY Native are valid representations of USDC, we anticipate that over time, the Native version will be recognized as the main USDC within the Polygon ecosystem as the community migrates away from the Ethereum-bridged USDC.
What will happen to Bridged USDC on Polygon?
PayTrie will continue to support the redemption of Bridged USDC on Polygon until November 6, 2023. After that, holders of Bridged USDC on Polygon will need to bridge their USDC back to the Ethereum network to exchange their tokens for CAD.
Resources:
Bridged USDC from Ethereum
- Token Symbol: USDC.e
- Token Address: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
Native USDC issued by Circle
- Token Symbol: USDC
- Token Address: 0x3c499c542cef5e3811e1192ce70d8cc03d5c3359
