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
$1.00
for settling exercise on the venue.
Presently, Polymarket depends on bridged USDC, often called 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 exchange a cross-chain illustration with a stablecoin issued immediately 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 method 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 immediately. The end result retains settlement tied to Circle’s issuance and redemption processes quite than to the mechanics of token locking and mirrored provide throughout chains.
Shayne Coplan, Polymarket’s founder and chief govt, stated the usage of USDC will assist “a constant, dollar-denominated settlement commonplace that enhances market integrity and reliability as participation on the platform continues to develop”.
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