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Major cryptocurrency firm BitPay is expanding the scope of supported blockchain networks, preparing to debut payments in ERC-20 tokens on the Polygon network.<\/p>\n
On Oct. 26, BitPay and Polygon jointly announced the integration of Polygon on the BitPay app, allowing customers to spend Polygon-bridged ERC-20 tokens.<\/p>\n
The BitPay app is specifically preparing to support payments in tokens like Polygon-based USD Coin (USDC<\/a>) later this week. USDC developer Circle originally launched the USDC stablecoin on the Ethereum blockchain, bridging it over to Polygon via the Polygon Bridge in June 2022.<\/p>\n Polygon USDC is not the only Polygon-bridged token that is coming to BitPay. BitPay\u2019s chief marketing officer, Bill Zielke, told Cointelegraph that any ERC-20 coins currently supported on BitPay will automatically be open for swaps on the Polygon network.<\/p>\n The current list of upcoming Polygon-supported tokens on BitPay includes Polygon USDC, Polygon Ether (ETH<\/a>), Polygon Dai (DAI<\/a>) and Polygon Wrapped Bitcoin (WBTC).<\/p>\n \u201cFor new coins in general, including ERC-20 specifically, we are constantly reviewing and evaluating coins,\u201d Zielke said, adding that BitPay has a \u201cfew big coins planned.\u201d<\/p>\n With the new development, BitPay merchants will be able to accept Polygon payments from major Polygon wallets. Panini America, a major United States-based sports and entertainment collectibles company, will be the first merchant to adopt the new digital payment option.<\/p>\n \u201cWhen adding a new coin for merchants to accept, we look at many factors, but among the most important is its payment utility and community involvement,\u201d BitPay CEO Stephen Pair said, adding:<\/p>\n \u201cAdding 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 disrupt the way consumers and businesses receive and spend funds.\u201d<\/p><\/blockquote>\n 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 amounts<\/a> to roughly $940 million, or just about 2% of all 43.9 million USDC in circulation<\/a> at the time of writing. Similarly, there is only $130.5 million of Polygon Dai, accounting for 2.3% of the total Dai market cap.<\/p>\n Related: <\/em><\/strong>Bitcoin still dominates total payments on BitPay despite the bear market<\/em><\/strong><\/a><\/p>\n Polygon\u2019s native token, MATIC (MATIC<\/a>), has seen some notable growth recently amid major financial institutions beginning to see the potential benefits of adopting Polygon\u2019s technology. In mid-October, Warren Buffett-backed fintech firm Nubank<\/a> announced the launch of the Nucoin token on the Polygon blockchain.<\/p>\n<\/div>\n