Stablecoin company Circle has partnered with Polymarket to enable USDC settlement across its prediction market services, as per an official press release.
The new partnership will allow for USDC settlement, allowing Polymarket to leverage capital from Circle, which is redeemable with the U.S. dollar on a 1:1 basis.
Circle’s USDC is the second-largest cryptocurrency by market capitalization. Its current market capitalization is $70.65 billion.
The update comes after Circle’s recent collaborations, including partnerships with Bybit and Coinbase.
“The internet financial system driven by Circle platforms has been built to enable money and capital to work at the speed of the internet, with delightful consumer experiences,” said Circle’s CEO and chairman, Jeremy Allaire.
“Polymarket has been at the forefront of innovation in marrying the speed of information with the speed of markets, and with the partnership we are building, we bring the utility and speed of USDC to provide the best possible experience for Polymarket users,” he also said.
Circle’s USDC is the second-largest cryptocurrency by market capitalization. Its current market capitalization is $70.65 billion.
“Circle has built some of the most critical infrastructure in crypto, and partnering with them is an important step in strengthening prediction markets,” said Polymarket CEO Shayne Coplan.
“Using USDC supports a consistent, dollar-denominated settlement standard that enhances market integrity and reliability as participation on the platform continues to grow.”