Circle recently announced a significant development in the crypto world, revealing plans to launch native USDC on the Polygon chain. This move marks the fifth blockchain to host native $USDC, with Polygon joining the ranks soon.
From July 2021 to June 2023, Polygon PoS facilitated approximately $475 billion in bridged USDC transactions, encompassing a staggering 230 million transactions.
2/ Polygon PoS facilitated ~$475B bridged $USDC of global money movement across ~230M transactions in two years (7/2021 – 6/2023).
The average volume per month was ~$20B and the average fee for each transaction was ~0.0238 MATIC (~$0.012 at time of writing).
— Circle (@circle) September 25, 2023
Monthly transaction volumes reached around $20 billion, with each transaction incurring an average fee of approximately 0.0238 MATIC, equivalent to roughly $0.012 at the time of writing.
A noteworthy trend emerged within these transactions: person-to-person transactions surged from 16% of all bridged USDC transactions in January 2023 to an impressive 40% by June 2023, accounting for $15 billion in transaction volume.
Further demonstrating the significance of this development, the number of wallets holding more than $10 in bridged USDC skyrocketed from around 4.6 thousand wallets in May 2021 to a substantial 207 thousand wallets by June 2023. This growth, representing approximately 22% of all USDC wallets, underscores the increasing utility of digital dollars across the globe.
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