Sui Integrates Circle’s USDC and CCTP for Enhanced Ecosystem

Singapore, Singapore, September 17th, 2024, Chainwire

This announcement signifies the first blockchain utilizing the Move programming language to support these protocols

Sui, the Layer 1 blockchain renowned for its exceptional performance and limitless horizontal scaling, has revealed plans for the imminent native launches of USDC and the Cross-Chain Transfer Protocol (CCTP) on the Sui Network. USDC, issued through Circle’s regulated entities, stands as the largest regulated dollar-backed stablecoin in the market, boasting a market capitalization exceeding $35 billion as of September 17, 2024.

The CCTP is a permissionless on-chain utility that securely facilitates USDC transfers between blockchains, aiming to offer a more secure and capital-efficient method for conducting transactions with USDC across supported ecosystems.

The incorporation of native USDC and CCTP amplifies Sui’s functionality, security, and interoperability for both users and developers, intending to enhance liquidity within the network, streamline transactions, and boost market efficiency throughout the ecosystem. Developers on Sui will soon have the capability to utilize native USDC for a wide range of digital dollar-backed financial products applicable in numerous sectors, such as DeFi, gaming, DePIN, and ecommerce. Users can effortlessly send, spend, and save using digital dollars.

Moreover, Sui’s burgeoning DeFi scene, as reported by DeFi Llama on September 17th, showcases nearly $700 million in Total Value Locked (TVL), over $250 million in bridged USDC, along with a top 10 ranking in weekly DEX trading volume, establishing a crucial foundation for the continued scaling of USDC.

“Circle is thrilled to back Sui’s developer community and end-users with the forthcoming launch of native USDC and CCTP,” stated Nikhil Chandhok, Chief Product Officer at Circle. “Circle’s open platforms and permissionless protocols will empower more developers to deliver blockchain-based utilities and enhance payment experiences on Sui and beyond.”

Sui will partner with ecosystem applications to gradually transfer liquidity from bridged USDC to native USDC, while Wormhole’s Portal bridge will remain operational as usual. Prior to the launch of native USDC, the Ethereum-bridged USDC will be referred to as “wUSDC” on blockchain explorers, with a recommendation for ecosystem applications to update their user interfaces and documentation accordingly.

“The introduction of USDC as a native asset on Sui signifies another significant milestone in the evolution of the Sui ecosystem,” remarked Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the developer behind the Sui Network. “Alongside USDC’s top-tier technology, native USDC provides the Sui community with seamless access to one of the globe’s most reputable digital currencies and solidifies Sui’s position as a leader in the industry.”

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 progression into an industry vanguard. The inclusion of multiple native stablecoins on Sui cultivates a diverse, secure, and scalable venue for pioneering the future of intelligent assets.