Major cryptocurrency firm BitPay is expanding the scope of supported blockchain systems, getting ready to debut payments in ERC-20 tokens around the Polygon network.
On March. 26, BitPay and Polygon jointly announced the combination of Polygon around the BitPay application, allowing people to spend Polygon-bridged ERC-20 tokens.
The BitPay application is particularly getting ready to support payments in tokens like Polygon-based USD Gold coin (USDC) in a few days. USDC developer Circle initially launched the USDC stablecoin around the Ethereum blockchain, bridging it to Polygon through the Polygon Bridge in June 2022.
Polygon USDC isn’t the only Polygon-bridged token that is due BitPay. BitPay’s chief marketing officer, Bill Zielke, told Cointelegraph that any ERC-20 coins presently supported on BitPay will instantly most probably for swaps around the Polygon network.
The present listing of approaching Polygon-supported tokens on BitPay includes Polygon USDC, Polygon Ether (ETH), Polygon Dai (DAI) and Polygon Wrapped Bitcoin (WBTC).
“For new coins generally, including ERC-20 particularly, we’re constantly reviewing and evaluating coins,” Zielke stated, adding that BitPay includes a “few big coins planned.”
Using the new development, BitPay retailers can accept Polygon payments from major Polygon wallets. Panini America, a significant U . s . States-based sports and entertainment collectibles company, would be the first merchant to consider the brand new digital payment option.
“When adding a brand new gold coin for retailers to simply accept, we glance at many factors, but one of the most important is its payment utility and community participation,” BitPay Chief executive officer Stephen Pair stated, adding:
“Adding MATIC towards the mixture of cryptos that BitPay supports offers companies a quick, safe and sound option to traditional payment methods and makes way for blockchain payments to disrupt the way in which consumers and companies receive and spend funds.”
Polygon-bridged stablecoins are considerably smaller sized than individuals running on native blockchains when it comes to adoption to date. Based on data from DefiLlama, the marketplace capital of Polygon-based USDC amounts to roughly $940 million, or simply a couple ofPercent of 43.9 million USDC in circulation during the time of writing. Similarly, there’s only $130.5 million of Polygon Dai, comprising 2.3% from the total Dai market cap.
Related: Bitcoin still dominates total payments on BitPay regardless of the bear market
Polygon’s native token, MATIC (MATIC), has witnessed some notable growth lately among major banking institutions realizing the possibility advantages of adopting Polygon’s technology. In mid-October, Warren Buffett-backed fintech firm Nubank announced the launch from the Nucoin token around the Polygon blockchain.
