Native USDC Officially Launches on Sui

Grand Cayman, Cayman Islands, October 8th, 2024

Sui, the first blockchain utilizing the Move programming language with native USDCSui, has officially launched. This Layer 1 blockchain is recognized for its superior performance and limitless horizontal scalability. With the integration of native USDC, users on the Sui Network can now access one of the most widely adopted stablecoins as an inherent asset on the platform, eliminating the complications and risks associated with using bridged assets.

The introduction of native USDC enhances liquidity and security by allowing direct on-chain representation. This means users no longer need to rely on bridging USDC or utilizing external bridges, thereby reducing the risks tied to canonical bridges, such as lock-and-mint processes. This shift creates a more secure method for transferring assets.

Moreover, the forthcoming implementation of the Cross-Chain Transfer Protocol (CCTP) will facilitate smooth transitions of USDC across supported blockchains, enabling users to transfer assets quickly and securely between different networks, including Sui. This development presents significant opportunities for decentralized finance (DeFi) applications within the Sui Network, as protocols can now utilize native USDC to enhance liquidity, minimize friction, and improve user experiences.

Jameel Khalfan, Head of Ecosystem Development at the Sui Foundation, remarked, “Sui’s integration of native USDC will bring tremendous benefits to developers and users alike. Native USDC grants the Sui community easy access to one of the world’s most stable digital currencies, and the opportunities it unlocks for the ecosystem are endless.”

On the first day of launch, several protocols on Sui are integrating native USDC, including Aftermath Finance, Cetus, DeepBook, FlowX, Hop, Kriya, Navi Protocol, Scallop, Suilend, Sui Wallet, Turbos, Typus, and 7K, with many offering swaps from bridged USDC to the new native token.