Sui Launches USDC and CCTP, Enhancing Blockchain Interoperability

[PRESS RELEASE – Singapore, Singapore, September 17th, 2024]

This announcement signifies the launch of the first blockchain based on the Move programming language to implement these protocols.

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

CCTP operates as a permissionless on-chain utility that securely confirms USDC transfers between blockchains, aiming to create a more secure and capital-efficient method for transacting with USDC across supported blockchains.

By incorporating native USDC and CCTP, Sui enhances its utility, security, and interoperability for users and developers alike, with the goal of increasing liquidity, streamlining transactions, and boosting market efficiency across the ecosystem. Developers on Sui will soon have the opportunity to utilize native USDC for a variety of digital dollar-backed financial applications, covering diverse use cases such as DeFi, gaming, DePIN, and ecommerce. Users will be able to easily send, spend, and save with digital dollars.

Furthermore, as of September 17th, the Sui DeFi landscape, as reported by DeFi Llama, showcases nearly $700 million in Total Value Locked (TVL), over $250 million in bridged USDC, and ranks within the top 10 for weekly DEX trading volume, laying an essential framework for USDC’s continued growth.

“Circle is thrilled to support Sui’s community of developers and users with the upcoming launch of native USDC and CCTP,” stated Nikhil Chandhok, Chief Product Officer at Circle. “Circle’s open platform and permissionless protocols will enable more builders to create blockchain-based utilities and enhance efficient payment experiences on Sui and other ecosystems.”

Sui plans to partner with ecosystem applications to gradually transition liquidity from bridged USDC to the native USDC, while Wormhole’s Portal bridge will maintain its normal operations. Prior to the launch of native USDC, Ethereum-bridged USDC will be designated as “wUSDC” on block explorers, and ecosystem applications will be encouraged to modify their user interfaces and documentation accordingly.

“The launch of USDC as a native asset on Sui represents another significant milestone in the development of the Sui ecosystem,” remarked Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, which created the Sui Network. “Combined with USDC’s premier technology, native USDC offers the Sui community effortless access to one of the most trusted digital currencies globally, solidifying Sui’s position as an industry frontrunner.”

In just over a year since its mainnet introduction, the integration of one of the industry’s foundational assets further emphasizes the Sui ecosystem’s swift ascent to becoming an industry leader. The availability of multiple native stablecoins on Sui fosters a versatile, secure, and scalable platform for developing the future of intelligent assets.