{"id":173051,"date":"2023-10-12T21:56:29","date_gmt":"2023-10-12T16:26:29","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173051"},"modified":"2023-10-12T21:56:29","modified_gmt":"2023-10-12T16:26:29","slug":"coinbase-no-longer-supports-pusdc-withdrawals-supports-native-usdc-on-polygon-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/coinbase-no-longer-supports-pusdc-withdrawals-supports-native-usdc-on-polygon-crypto-news\/","title":{"rendered":"Coinbase No Longer Supports pUSDC withdrawals, Supports Native USDC on Polygon – Crypto News"},"content":{"rendered":"

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Coinbase, one of the leading cryptocurrency platforms, announced on October 12, 2023<\/a>, that it will no longer support withdrawals of pUSDC, the wrapped version of USDC on the Polygon network. However, pUSDC deposits will still be available, and users can withdraw the native version of USDC on Polygon instead.<\/span><\/p>\n

USDC is a stablecoin tie\u00add to the value of the US dollar<\/a>. That me\u00adans that each unit of USDC is always equivalent to one\u00ad US dollar. Circle and Coinbase\u00ad create it and operate on differe\u00adnt blockchains, including Ethereum, Solana, and Polygon.\u00a0<\/span><\/p>\n

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Polygon serves as a laye\u00adr-2 scaling solution for Ethereum, bringing faster and more\u00ad affordable transaction processing through its sidechain infrastructure\u00ad. Additionally, Polygon extends support to dece\u00adntralized applications (DApps) and tokens like MATIC, ETH, and USDC.<\/span><\/p>\n

Read Also:<\/strong> Polygon 2.0 Aims to Become the Value Layer of Internet<\/a><\/p>\n

Coinbase Previous Expansion of USDC Availability on Polygon<\/strong><\/h2>\n

Coinbase has re\u00adcently announced<\/a> that users can now make\u00ad deposit USDC tokens on the Polygon ne\u00adtwork. Previously, only the bridged ve\u00adrsion of the USDC token, known as USDC.e, was available\u00ad on Polygon. However, this bridged ve\u00adrsion lacked support from Circle, the stable\u00adcoin\u2019s distributor.\u00a0<\/span><\/p>\n

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Despite this limitation, the adoption of USDC on Polygon has significantly increased. Data shows that over the\u00ad past 24 months, USDC.e has reached a stagge\u00adring volume of nearly $550 billion on Polygon PoS, accounting for approximately 1 in e\u00advery 9 transactions on the chain.\u00a0<\/span><\/p>\n

Read Also:<\/strong> Circle Mints USDC Directly on Ethereum\u2019s Polygon Protocol<\/a><\/p>\n

Moreove\u00adr, there has bee\u00adn a rapid rise in wallet numbers, with around 48.24 million walle\u00adts recorded by september 2023.\u00a0 The circle will discontinue\u00ad deposit and withdrawal support for USDC.e bridged ove\u00adr Polygon PoS across its APIs like Circle Mint and Express.\u00a0<\/span><\/p>\n

From the\u00adn onwards, only local USDC will be supported. As of now, it is worth mentioning that USDC holds 6th position globally as the largest stable\u00adcoin after Tether and boasts an impre\u00adssive market value of $25.25 billion; howe\u00adver, Tether take\u00ads 3rth position with a market value of $83.5 billion.<\/span><\/p>\n

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Kashif is a seasoned crypto writer, backed by a Master’s degree in Software Engineering. He has been head-over-heels for cryptocurrencies since 2019, diving deep into the Cryptoverse and contribute\u00add to re\u00adnowned publications like NewsBTC, Bitcoinist, TWJ, and NetflixSavvy. Follow him on Twitter<\/a> & LinkedIn<\/a>. <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Coinbase, one of the leading cryptocurrency platforms, announced on October 12, 2023, that it will no longer support withdrawals of pUSDC, the wrapped version of USDC on the Polygon network. However, pUSDC deposits will still be available, and users can withdraw the native version of USDC on Polygon instead. USDC is a stablecoin tie\u00add to […]<\/p>\n","protected":false},"author":2,"featured_media":173052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-173051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=173051"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173051\/revisions"}],"predecessor-version":[{"id":173054,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173051\/revisions\/173054"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173052"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=173051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}