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- Polygon’s USDC integration will have quite a few benefits, such as support from Circle Account and its APIs.
- MATIC is up more than 3% in the last 24 hours and the stats were optimistic.
Polygon [MATIC] recently revealed that USD Coin [USDC] will soon be launched in its PoS chain. As the blockchain worked to integrate a new stablecoin, the price action of its native token turned bullish, thanks in part to current market conditions.
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Polygon to integrate USDC
According to the latest announcement, native USDC will launch on Polygon PoS on October 10. This will initiate a transition away from bridged USDC for ecosystem apps, developers and users.
October 10 – save the date. Original $USDC launches on Polygon PoS.
Native USDC, issued by @circlewill be the official form of USDC for the Polygon PoS ecosystem.
The advantages?
– Fully reserved and always exchangeable 1:1 for US dollars
– Powered by Circle Account and its APIs… https://t.co/yCSf4gmaab— Polygon (Labs) (@0xPolygonLabs) September 28, 2023
Starting October 10, USDC issued by Circle will be native to Polygon PoS and will be the official form of USDC for the ecosystem.
According to the official announcement, ahead of the launch of native USDC, the Ethereum [ETH]-bridged form of USDC on block explorers such as PolygonScan will be renamed to USDC.e.
The native USDC liquidity will increase over time and eventually replace the bridged USDC liquidity obtained from Ethereum using the Polygon PoS Bridge.
This also provides several benefits, such as support from Circle Account and its APIs, enabling institutional on-ramps and off-ramps, and more.
However, it was surprising to see that as the blockchain prepared to integrate USDC, development activity dropped. The developer The statistic Number of activity contributors also followed the same downward trend last week.
Source: Santiment
Additionally, Polygon PoS network activity has leveled off somewhat in recent months. This was evident in Artemis’ data, which showed that the blockchain’s daily active addresses and transactions did not increase to any great extent.
But once USDC is integrated, the situation may change as it can attract new users to the network.
Source: Artemis
MATIC is now making a profit
Thanks to the state of the crypto market, MATIC’s price action turned bullish before the last integration. According to CoinMarketCapMATIC is up more than 3% in the past seven days.
At the time of writing, it was trading at $0.5224 with a market cap of over $4.8 billion. The price increase also improved Polygon’s MVRV ratio.
Read Polygon [MATIC] Price prediction 2023-24
From CryptoQuantMATIC’s net deposits to the exchanges were low compared to the average of the past seven days, meaning it was not under selling pressure at the time of writing.
The Open Interest also increased as the price rose, broadly indicating that the uptrend would continue. However, the rebound did not change MATIC’s weighted sentiment decreased in the past week.
Source: Santiment
