BitPay will begin accepting polygon-bridged cryptocurrencies like Ether, USDC, DAI, and wrapped Bitcoin later this week.
On October 26, BitPay and Polygon announced the integration of Polygon on the BitPay app, allowing clients to spend Polygon-bridged ERC-20 tokens.
Later this week, the BitPay app will explicitly prepare to allow payments in tokens such as the Polygon-based USD Coin (USDC).
Circle created the USDC stablecoin on the Ethereum blockchain before transferring it to Polygon via the Polygon Bridge in June 2022. The Polygon USDC token is not the only Polygon-bridged token coming to BitPay.
Bill Zielke, BitPay’s chief marketing officer, informed Cointelegraph that any ERC-20 tokens now accepted by BitPay will be automatically available for swaps on the Polygon network.
Polygon USDC, Polygon Ether (ETH), Polygon DAI (DAI), and Polygon Wrapped Bitcoin are among the future Polygon-supported tokens on BitPay (WBTC).
BitPay merchants will be able to accept Polygon payments from major Polygon wallets as a result of the new feature.
Panini America, a large sports and entertainment collectibles firm based in the United States, will be the first merchant to accept the new digital payment option.
In terms of acceptance, polygon-bridged stablecoins are substantially smaller than those running on native blockchains.
According to DefiLlama data, the market capitalization of Polygon-based USDC is over $940 million, or roughly 2% of the total 43.9 million USDC in circulation at the time of writing.
Similarly, Polygon DAI has a market cap of $130.5 million, accounting for 2.3% of the overall DAI market cap.