Binance, one of the world’s leading cryptocurrency exchanges, has announced its support for Circle’s native USD Coin (USDC) on the Polygon network, signifying a strengthening alliance between major financial platforms and leading blockchain networks.
The integration will see a dual token system, as Binance continues to support the already available bridged version, the USDC. This bridged coin will now be recognized under the ticker MATICUSDCE on the platform. On the other hand, the native USD Coin (USDC) backed by Circle on the Polygon network has a separate identification.
For users, the differentiation is as follows:
Bridged USD Coin (PoS) (USDC.e) on the Polygon network: 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
Native USD Coin (USDC) on Polygon network backed by Circle: 0x3c499c542cEF5E3811e1192ce70d8cC03d5c3359
Binance will support the native USD Coin (USDC) on the Polygon network issued by Circle. Bridged USD Coin (PoS) (USDC.e) tokens will assume MATICUSDCE as the ticker on Binance. Deposits and withdrawals of MATICUSDCE will continue to be supported. https://t.co/Fpcop0Gk9o
— Wu Blockchain (@WuBlockchain) October 23, 2023
Operational Adjustments Ahead
As Binance moves towards full integration, there will be operational changes to note. Binance will temporarily stop the deposit and withdrawal services for the current USDC on the Polygon network. However, users can rest assured as other functionalities such as USD Coin spot trading, margin trading, futures trading, and services like Binance Earn will remain unaffected.
Binance has assured its users that the deposits and withdrawals for the bridged USD Coin, MATICUSDCE, will remain uninterrupted, providing continuity in user experience.
Binance’s statement also highlighted that there will be a separate announcement signaling the resumption of deposit and withdrawal services for the native USD Coin (USDC) once they are ready.
Binance, committed to transparency, emphasizes that if discrepancies arise between translated versions of their announcements and the original English version. For deeper insights into this integration, the platform recommends users check the official announcement from the project team.
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