Coinbase has discontinued pUSDC withdrawals on Polygon; however, users can still deposit and withdraw USDC.
On October 12, 2023, Coinbase, one of the most prominent cryptocurrency exchanges, announced that it would no longer support withdrawals of pUSDC, the wrapped variant of USDC on the Polygon network.
However, pUSDC deposits will continue to be accepted, and users can withdraw the native version of USDC on Polygon. USDC is a stablecoin pegged to the US dollar’s value.
This means that each USDC unit is always equal to one U.S. dollar. Circle and Coinbase construct it and utilize various blockchains, such as Ethereum, Solana, and Polygon.
Polygon is a layer-2 scaling solution for Ethereum, delivering quicker and more affordable transaction processing via its sidechain infrastructure. Moreover, Polygon supports decentralized applications (DApps) and tokens such as MATIC, ETH, and USDC.
Coinbase USDC Availability Expansion on Polygon
Recently, Coinbase announced that users can now deposit USDC tokens on the Polygon network. Previously, Polygon only supported the bridged version of the USDC token, known as USDC.e. The stable coin’s distributor, Circle, did not support this bridged version.
Despite this restriction, the adoption of USDC on Polygon has increased significantly. In the last 24 months, USDC.e has attained a staggering volume of nearly $550 billion on Polygon PoS, representing roughly 1 in 9 transactions.
In addition, there has been a significant increase in the number of wallets, with an estimated 48.24 million wallets recorded by September 2023. The Circle will discontinue deposit and withdrawal support for USDC.e bridged over Polygon PoS across its APIs, such as Circle Mint and Circle Express.
Only local USDC will be supported subsequently. Currently, USDC holds the sixth position globally as the largest stableÂcoin after Tether, with an impressive market value of $25.25 billion; however, Tether holds the third position with a market value of $83.5 billion.
