Singapore, Singapore, September 17th, 2024, Chainwire
This announcement introduces the first blockchain utilizing the Move programming language to support these protocols
Sui, a Layer 1 blockchain known for its exceptional performance and limitless horizontal scaling, has revealed the forthcoming 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 over a $35 billion market cap as of September 17, 2024.
CCTP serves as a permissionless on-chain utility that securely verifies USDC transfers across blockchains, intending to offer a more secure and capital-efficient method for transacting with USDC on various supported blockchains.
The integration of native USDC and CCTP will bolster Sui’s utility, security, and interoperability for both users and developers, aiming to enhance liquidity within the network, simplify transactions, and boost market efficiency throughout the ecosystem. Developers working on Sui will soon have the capability to leverage native USDC for a wide range of digital dollar-backed financial products across diverse applications including DeFi, gaming, DePIN, and ecommerce. Users will have the ability to effortlessly send, spend, and save utilizing digital dollars.
Moreover, as of September 17th, Sui’s vibrant DeFi landscape, according to DeFi Llama, features nearly $700 million in Total Value Locked (TVL), over $250 million in bridged USDC, and ranks in the top 10 for weekly DEX trading volume, laying a crucial groundwork for USDC to expand further.
“Circle is thrilled to assist Sui’s community of developers and end users with the imminent launch of native USDC and CCTP,” expressed Nikhil Chandhok, Chief Product Officer at Circle. “Circle’s open platform and permissionless protocols will empower more builders to create blockchain-based utility and enhance payment experiences on Sui and other ecosystems.”
Sui will work with ecosystem applications to gradually shift liquidity from bridged USDC to native USDC, all while Wormhole’s Portal bridge will remain operational as usual. Prior to the launch of native USDC, the Ethereum-bridged USDC will be renamed “wUSDC” on block explorers, and ecosystem applications will be encouraged to update their interfaces and documentation accordingly.
“The introduction of USDC as a native asset on Sui signifies another significant milestone in the growth of the Sui ecosystem,” stated Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, the development team behind the Sui Network. “With USDC’s premier technology, native USDC provides the Sui community with seamless access to one of the most reliable digital currencies available, solidifying Sui’s position as an industry leader.”
Just over a year since its mainnet launch, the integration of one of the fundamental assets in the industry highlights the swift evolution of the Sui ecosystem into a leader in the market. The availability of multiple native stablecoins on Sui supports a varied, secure, and scalable foundation for developing the future of intelligent assets.
Contact
Sui Foundation
media@sui.io
