Sui to Enable Native USDC Availability Through NAVI Protocol, According to Chainwire

New York, US, October 9th, 2024 – Chainwire

The Sui Foundation has announced the integration of native USDC on the Sui network. NAVI, the first and leading DeFi and liquidity protocol on Sui, will incorporate Circle’s native USDC asset from day one.

With $120 million in USDC liquidity, this integration marks the third largest USDC supply in the industry, following Aave and Compound. The addition of Circle’s USDC stablecoin to the Sui network significantly boosts capital efficiency and enhances the overall user experience throughout the ecosystem.

This development solidifies Sui’s position in the blockchain landscape, facilitating improved user interactions and encouraging broader adoption of the Sui ecosystem. NAVI will fully support native USDC, featuring a variety of in-application migration tools and a capital-efficient native USDC Liquidity Pool, which will include liquidity support and flash loan capabilities, among other features.

As various blockchain networks increasingly adopt USDC, with Sui being the latest, the concept of permissionless composability has driven the swift emergence of new applications and networks, leveraging existing open technologies.

Native vs. Bridged USDC on Sui

The rollout of native USDC on the Sui network streamlines transaction processes and boosts liquidity in the ecosystem. Users will be able to access USDC directly on Sui, simplifying workflows and enhancing overall value for participants. Additionally, the implementation of Cross-Chain Transfer Protocol (CCTP) allows users to bypass delays typically associated with bridge withdrawals, setting a new bar for blockchain efficiency.

Native USDC comes with unique benefits compared to bridged USDC (wUSDC). Its native issuance ensures that the asset is fully locked and can always be redeemed on a 1:1 basis for US dollars, providing a layer of trust and reliability for both developers and users.

Native USDC on NAVI

To maximize asset composability on the Sui network, the NAVI Protocol is set to fully integrate native USDC as a lending and borrowing liquidity pool. As part of a key initiative within the ecosystem, NAVI aims to encourage users to shift from bridged USDC to native USDC.

NAVI Protocol is dedicated to offering an exceptional experience for lending and borrowing by integrating native USDC, which is fully backed by US dollars and redeemable at a 1:1 ratio. An upcoming migration plan is anticipated to enhance the adoption of native USDC, contributing to the development and enrichment of the Sui DeFi ecosystem.

A detailed migration plan will be released in the coming days, outlining the steps for a smooth transition.

About Circle
Circle is creating the largest, most widely utilized stablecoin network, enabling billions globally to access digital dollars for payments and liquidity. The company manages USDC, recognized as the second largest stablecoin by market capitalization. It combines the power and stability of the US dollar with the speed of the internet, laying the foundation for a new global and decentralized financial system.

About NAVI Protocol
NAVI is the premier liquidity protocol native to the Sui network. It aims to establish itself as a foundational element for chains based on the Move system and aspires to be the leading liquidity protocol in the Sui DeFi ecosystem.

Contact
Marketing Lead
Ivan Djordjevic
[email protected]

This article was originally published by Chainwire.