Circle has launched the native version of its USDC stablecoin on Polygon as it attempts to shore up the coin’s dwindling market share.The stablecoin’s market dominance continued to plummet., allowing the network’s users to mint, redeem, and transfer USDC directly on the network without having to bridge it from another chain.
The stablecoin’s launch on the L2 chain forms part of a broader trend of USDC being launched natively on multiple chains in the last month. The stablecoin has been launched on. On 11 March, the coin’s issuer Circle, announced its inability to access $3.3 billion out of the $40 billion in USDC reserves held at SVB.
This promptly led to USDC briefly losing its $1 peg, to trade for as low as $0.96 on 12 March before eventually stabilizing and returning to its peg on 16 March.In terms of dominance, USDC’s dominance has since fallen from 32% on 11 March to 21% at press time, data from Glassnode showed.put USDC as the stablecoin with the highest transfer volume in the last month. With a transfer volume of $446 billion in the last 30 days, 48% of stablecoins moved during that period were USDC.
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