Sui to Launch Circle’s Native USDC and CCTP

Singapore,
Singapore,
September
17th,
2024,
Chainwire

Announcement
marks
the
first
blockchain
based
on
the
Move
programming
language
to
support
these
protocols

Sui,
the
Layer
1
blockchain
offering
industry-leading
performance
and
infinite
horizontal
scaling,
has
announced
the
upcoming
native
launches
of
USDC
and
Cross-Chain
Transfer
Protocol
(CCTP)
on
the
Sui
Network.
Issued
through
Circle’s
regulated
entities,
USDC
is
the
largest
regulated
dollar-backed
stablecoin
in
the
industry
with
over
a
$35
billion
market
cap,
as
of
September
17,
2024. 

CCTP
is
a
permissionless
on-chain
utility
that
attests
to
USDC
transfers
securely
between
blockchains
and
aims
to
provide
a
more
secure
and
capital-efficient
way
to
transact
with
USDC
across
supported
blockchains.

Integrating
native
USDC
and
CCTP
enhances
Sui’s
utility,
security
and
interoperability
for
users
and
developers,
with
the
intent
of
bringing
more
liquidity
to
the
network,
streamlining
transactions,
and
improving
market
efficiency
across
the
ecosystem.
Builders
on
Sui
will
soon
be
able
to
use
native
USDC
in
a
multitude
of
digital
dollar-backed
financial
products
across
a
variety
of
use
cases
including
DeFi,
gaming,
DePIN
and
ecommerce.
Users
can
seamlessly
send,
spend
and
save
with
digital
dollars. 

Additionally,
Sui’s
thriving
DeFi
environment,
according
to
DeFi
Llama
on
September
17th,
boasts
almost
$700
million
in
Total
Value
Locked
(TVL),
over
$250
million
in
bridged
USDC,
and
a
top
10
ranking
in
weekly
DEX
trading
volume,
provides
a
key
foundation
for
USDC
to
continue
to
scale.

“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
will
collaborate
with
ecosystem
apps
to
transition
liquidity
from
bridged
USDC
to
native
USDC
gradually,
while
Wormhole’s
Portal
bridge
will
continue
operating
as
usual.
Before
native
USDC
launches,
the
Ethereum-bridged
USDC
will
be
renamed
“wUSDC”
on
block
explorers,
and
ecosystem
apps
will
be
encouraged
to
update
their
UI
and
documentation
accordingly.

“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
bedrock
assets
further
underscores
the
Sui
ecosystem’s
rapid
evolution
into
an
industry
leader.
The
presence
of
multiple
native
stablecoins
on
Sui
fuels
a
diverse,
secure,
and
scalable
platform
for
building
the
future
of
intelligent
assets.

Contact

Sui
Foundation
[email protected]