Sui, the Layer 1 blockchain that delivers unparalleled performance and limitless horizontal scaling, has revealed the imminent native launches of USDC and the Cross-Chain Transfer Protocol (CCTP) on the Sui Network. Launched via Circle’s compliant platforms, USDC stands as the premier regulated dollar-pegged stablecoin in the market, boasting a market capitalization exceeding $35 billion as of September 17, 2024.
CCTP operates as a decentralized on-chain utility, ensuring secure attestations for USDC transfers across different blockchains. Its goal is to enhance the security and capital efficiency of USDC transactions within the supported blockchain ecosystem.
By integrating native USDC and CCTP, Sui significantly boosts its utility, security, and interoperability for both users and developers. This strategic move aims to attract more liquidity to the network, streamline transactions, and enhance market efficiency throughout the ecosystem. Developers on Sui are on the verge of leveraging native USDC within a diverse array of digital dollar-backed financial products. This expansion will encompass various use cases, including DeFi, gaming, DePIN, and ecommerce. Users can effortlessly transact, utilize, and accumulate wealth with digital currencies.
Moreover, Sui’s dynamic DeFi landscape, as reported by DeFi Llama on September 17th, showcases nearly $700 million in Total Value Locked (TVL), more than $250 million in bridged USDC, and a position among the top 10 in weekly DEX trading volume, establishing a crucial basis for USDC’s ongoing expansion.
“Circle is excited to support Sui’s community of developers and end users with the upcoming availability of native USDC and CCTP,” said Nikhil Chandhok, Chief Product Officer at Circle. “Circle’s open platform and permissionless protocols will help more builders deliver blockchain based utility and contribute to efficient payment experiences on Sui and across other ecosystems.”
Sui is set to partner with ecosystem applications to methodically shift liquidity from bridged USDC to its native counterpart, all while Wormhole’s Portal bridge remains fully operational. Prior to the launch of native USDC, the Ethereum-bridged version will undergo a rebranding to “wUSDC” on block explorers. Ecosystem applications are urged to refresh their user interfaces and documentation to reflect this change.
“The availability of USDC as a native asset on Sui marks yet another major milestone in the maturation of the Sui ecosystem,” said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, which developed the Sui Network. “In combination with USDC’s first-class technology, native USDC gives the Sui community seamless access to one of the world’s most trusted digital currencies and cements Sui as an industry leader.”
Just a little over a year since its mainnet launch, the integration of one of the industry’s foundational assets highlights the Sui ecosystem’s swift transformation into a frontrunner in the space. The emergence of various native stablecoins on Sui enhances a robust, secure, and scalable ecosystem for the development of next-gen intelligent assets.
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