BitPay is getting ready to accept payments in ERC-20 tokens on the Polygon network as it broadens the range of blockchain networks.
Customers will be able to use Polygon-bridged ERC-20 tokens after BitPay and Polygon announced their integration on Oct. 26.In particular, the BitPay app is getting ready to handle payments in tokens like the USD Coin ( USDC $1.00) based on Polygon Later this week.
The USDC stablecoin was first introduced by its creator, Circle, on the Ethereum blockchain. In June 2022, the USDC stablecoin was transferred to the Polygon blockchain via the Polygon Bridge.
Not all Polygon-bridged tokens are coming to BitPay, including Polygon USDC. According to Bill Zielke, chief marketing officer of BitPay, any ERC-20 tokens that BitPay now supports will be available for swaps on the Polygon network by default.
The current list of upcoming Polygon-supported tokens on BitPay includes Polygon USDC, Polygon Ether( ETH $1,587 ), Polygon Dai ( DAI $1.00) and Polygon Wrapped Bitcoin (WBTC).
“For new coins in general, including ERC-20 specifically, we are constantly reviewing and evaluating coins,”
Zielke said, adding that BitPay has “few big coins planned”. BitPay merchants will now be able to accept Polygon payments from popular Polygon wallets thanks to the new functionality. The first retailer to accept the new digital payment method is Panini America, a significant sports and entertainment collectibles corporation with headquarters in the United States.
“When adding a new coin for merchants to accept, we look at many factors, but among the most important is its payment utility and community involvement,”
BitPay CEO Stephen Pair said, adding:
“Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
The adoption of polygon-bridged stablecoins is currently far lower than that of native blockchain-based stablecoins. The market value of USDC based on Polygon is approximately $940 million, or just under 2% of the total 43.9 million USDC in circulation at the time of writing, according to statistics from DefiLlama.
Similarly, Polygon Dai, which makes up 2.3% of the total Dai market cap, is only worth $130.5 million.Polygon’s native token, MATIC (MATIC $0.9609), has grown noticeably recently as big financial institutions start to recognize the potential advantages of implementing Polygon’s technology. The launch of the Nucoin token on the Polygon blockchain was announced by Warren Buffett-backed fintech company Nubank in the middle of October.
