ircle's USDC stablecoin will soon be launching natively on the Sui network, a layer-1 (L1) blockchain, and a smart contract platform. This integration will be made possible through the Cross-Chain Transfer Protocol (CCTP), a foundational on-chain, and permissionless service that creates a secure utility for USDC transfers between different blockchain networks.
USDC Launching Natively on the Sui Network
Circle co-founder and CEO Jeremy Allaire confirmed the announcement via a repost on X on September 17th, that USDC will natively launch on the Sui network adding significant value for users and developers. With the introduction of the CCTP, USDC will now be natively supported on the Sui network with a permissionless, on-chain utility for secure USDC transfers.
Enhancing Sui Network's Abilities
The Sui network is designed to simplify and improve the creation of applications and functions in the Web3 space. It is built on the Move programming language, allowing parallel transaction execution which presents a new opportunity for developers.
The integration of native USDC and the CCTP will improve usability, security, and interoperability for this network. Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs (the developer of the Sui network), said that the launch of USDC as a native asset on Sui is a major milestone in the maturation of the Sui ecosystem.
With the launch of USDC and CCTP on Sui, Sui Builders will soon be able to build a variety of digital dollar-backed, financial products across decentralized finance (DeFi), gaming, DePIN, and e-commerce applications - allowing users to send, spend, and save seamlessly with digital dollars to improve user experience and market efficiency across the Sui ecosystem.
The integration of one of the cryptocurrency industry's bedrock assets, USDC, on Sui, a little over a year after the mainnet was launched, highlights the rapid evolution of Sui and its establishment as a key player in the industry.
Sui has already established a thriving DeFi environment with TVL (total value locked) of over $700 million and over $215 million in bridged USDC. At the time of writing, $SUI has surged 5.8% from the previous day and is currently trading at $1.18. These accomplishments provide a strong basis for the continued scalability and adoption of USDC within the Sui ecosystem.
