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
media@sui.io
