Polygon bridged cryptocurrencies such as Ether, USDC, Dai and Wrapped Bitcoin are coming to BitPay later this week.
The major cryptocurrency company BitPay is expanding the scope of supported blockchain networks, preparing to debut payments in ERC-20 tokens on the Polygon network.
On October 26, BitPay and Polygon jointly announced the integration of Polygon on the BitPay app, allowing customers to spend Polygon-bridged ERC-20 tokens.
The BitPay app is specially prepared to support payments in tokens such as Polygon-based USD Coin
later this week. The USDC Developer Circle will initially launch the USDC stablecoin on the Ethereum blockchain, bridging it to Polygon via the Polygon Bridge in June 2022.
Polygon USDC is not the only polygon-bridged token coming to BitPay. BitPay’s chief marketing officer, Bill Zielke, told Cointelegraph that all ERC-20 coins currently supported on BitPay will automatically open for swaps on the Polygon network.
The current list of upcoming Polygon-supported tokens on BitPay includes Polygon USDC, Polygon Ether
, Polygon Day
and Polygon Wrapped Bitcoin (WBTC).
“For new coins in general, including ERC-20 specifically, we are constantly reviewing and evaluating coins,” Zielke said, adding that BitPay has “several big coins planned.”
With the new development, BitPay merchants can accept polygon payments from major polygon wallets. Panini America, a major US-based sports and entertainment collectibles company, will be the first retailer to adopt the new digital payment option.
“When adding a new coin to accept merchants, we look at many factors, but among the most important is its payment utility and community involvement,” said BitPay CEO Stephen Pair, adding:
“Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to transform the way consumers and businesses receive money and spend.”
Polygon bridged stablecoins are significantly smaller than those running on native blockchains in terms of adoption so far. According to data from DefiLlama, the market capitalization of Polygon-based USDC is about $940 million, or just about 2% of all 43.9 million USDC in circulation at the time of writing. Similarly, there is only $130.5 million worth of Polygon Dai, which accounts for 2.3% of the total Dai market cap.
Related: Bitcoin still dominates total payments on BitPay despite bear market
Polygon’s native token, MATIC
, has seen some notable growth recently in major financial institutions embracing the potential benefits of polygon technology. In mid-October, Warren Buffett-backed fintech company Nubank announced the launch of the Nucoin token on the Polygon blockchain.