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Circle Web Group and Polymarket have entered a partnership that may change how the prediction platform handles settlement.
The plan strikes Polymarket away from bridge-based stablecoin collateral and towards Circle’s native USDC
$0.9992
for settling exercise on the venue.
At the moment, Polymarket depends on bridged USDC, often known as USDC.e, on Polygon to again trades. An announcement on February 5 defined that the platform intends to shift the collateral base to Circle-issued native USDC throughout the approaching months.
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Polymarket goals to switch a cross-chain illustration with a stablecoin issued instantly by Circle.
Circle’s native USDC comes from Circle’s regulated entities. It may be redeemed at a one-for-one price for US {dollars}.
The announcement described native USDC as “capital-efficient” and positioned for scale. This strategy additionally avoids making cross-chain bridge techniques a core requirement for settlement.
Polymarket’s shift locations its collateral in a stablecoin that Circle points and redeems instantly. The outcome retains settlement tied to Circle’s issuance and redemption processes moderately than to the mechanics of token locking and mirrored provide throughout chains.
Shayne Coplan, Polymarket’s founder and chief govt, stated using USDC will assist “a constant, dollar-denominated settlement commonplace that enhances market integrity and reliability as participation on the platform continues to develop”.
Polymarket not too long ago signed a multi-year take care of Main League Soccer (MLS) to function the league’s unique prediction market companion. What did the corporate say? Learn the total story.
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