Polymarket to Launch New USDC-Backed Token Amid Platform Overhaul
- Polymarket plans to introduce a new collateral token called Polymarket USD, backed one-to-one by USDC.
- The upgrade includes a rebuilt trading engine and updated smart contracts, aiming for improved liquidity and settlement control.
- The platform previously used USDC.e, which relied on bridging infrastructure, introducing risks and friction in transactions.
- Polymarket’s valuation has surpassed $20 billion since registering with the Commodity Futures Trading Commission in July.
- Plans for a POLY token have been discussed but remain without a confirmed launch date or functionality details.
This overhaul is part of Polymarket’s strategy to regain its footing in the U.S. market after shutting down domestic operations in the previous year. The introduction of Polymarket USD aims to enhance user experience by minimizing reliance on external bridge mechanisms.
With the expected launch of Polymarket USD and ongoing improvements, the platform seeks to establish tighter control over trading dynamics and governance structures.(Source)
