As Sinbad's dollar representative token is USDC over Polygon, we are gearing up to transition Sinbad accounts to the newly available USDC token on Polygon as per Circle's official announcement.
Who is Circle?
Circle is the issuer and operator of USD Coin (USDC), a fully-reserved and transparent US-backed stablecoin running on the world's leading blockchains. USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars.
Native USDC on Polygon
Since October 10th, Circle has officially launched the native USDC token on Polygon, moving away from the currently widely used bridged version (USDC.e). Circle is now issuing native USDC on Polygon PoS and is now the official form of USDC for the ecosystem. Over time, native USDC liquidity will grow and replace the bridged USDC liquidity that comes from Ethereum via the Polygon PoS Bridge.
"Bridged" USDC on Polygon?
For years now, USDC on Polygon has been a bridged version of the native USDC token on the Ethereum blockchain. A bridge connects two blockchains and enables users to bring official digital assets from one chain to the other. Specifically, the Polygon Bridge exists to bring digital assets from Ethereum, such as USDC, over to Polygon.
What does all of this mean?
Current USDC holders on the Polygon network are in reality holding USDC.e/MATICUSDCE, or the bridged version of Ethereum USDC, and over time should consider swapping their token for the newly launched native USDC on Polygon. Central exchanges like Binance, Coinbase and other major exchanges have announced the adoption of the native USDC token.
As Sinbad is a self-custody wallet, users will have the option to opt into the token transition in the soon available product update. If you have any questions or wish to hold on to your bridged USDC (USDC.e/MATICUSDCE), feel free to reach out to us via firstname.lastname@example.org and we will help.
Thanks for sticking with us while we transition to a more stable stablecoin environment for Sinbad.