Polymarket To Replace USDC.e With USDC-Backed Token In Exchange Upgrade
Polymarket is upgrading its exchange, replacing USDC.e with a new USDC-backed token for better control and regulatory alignment.Summary
Prediction platform Polymarket is undergoing a significant exchange infrastructure overhaul, introducing a new collateral token and upgraded trading system. The upgrade, dubbed version 2, aims to simplify order structuring and matching, enhance trading efficiency, and facilitate easier developer integration. A key change is the introduction of Polymarket USD, a new token fully backed 1:1 by USDC, which will replace the previously used bridged asset, USDC.e. This move grants Polymarket greater direct control over its settlement layer and reduces reliance on bridged assets. The platform will also support EIP-1271, expanding compatibility for smart contract-based wallets. This upgrade aligns with Polymarket's broader efforts to curb manipulation and insider-trading risks, strengthen market integrity, and comply with US regulatory expectations, following its recent approval from the Commodity Futures Trading Commission to operate an intermediated trading platform in the US.
(Source：Cointelegraph)