Sui to Launch Circle’s Native USDC and CCTP via Chainwire

Singapore, Singapore, September 17th, 2024, Chainwire

Sui, the Layer 1 blockchain recognized for its exceptional performance and limitless horizontal scaling, has announced the forthcoming native launches of USDC and the Cross-Chain Transfer Protocol (CCTP) on the Sui Network. As of September 17, 2024, USDC, issued through regulated entities, stands as the largest regulated dollar-backed stablecoin in the industry, boasting a market cap exceeding $35 billion.

The CCTP is a permissionless on-chain utility designed to securely verify USDC transfers between different blockchains, aiming to enhance the security and efficiency of transactions involving USDC across supported networks.

The integration of native USDC and CCTP is set to boost the utility, security, and interoperability of the Sui Network for both users and developers. This development aims to increase liquidity, facilitate smoother transactions, and enhance market efficiency throughout the ecosystem. Developers on Sui will soon be able to leverage native USDC for a wide range of digital dollar-backed financial products across diverse applications, including DeFi, gaming, decentralized physical infrastructure networks (DePIN), and e-commerce. Users will have the ability to send, spend, and save using digital dollars seamlessly.

Sui’s dynamic DeFi landscape currently features nearly $700 million in Total Value Locked (TVL) and over $250 million in bridged USDC, along with a top 10 ranking for weekly DEX trading volume. This establishes a solid foundation for the continued growth of USDC.

"Circle is thrilled to support Sui’s community of developers and users with the upcoming launch of native USDC and CCTP,” remarked Nikhil Chandhok, Chief Product Officer at Circle. “Circle’s open platform and permissionless protocols will empower builders to enhance blockchain utility and contribute to efficient payment experiences on Sui and other ecosystems.”

Sui will work with ecosystem applications to gradually transition liquidity from bridged USDC to native USDC, while the Wormhole’s Portal bridge will continue its operations without interruption. Prior to the launch of native USDC, the Ethereum-bridged USDC will be rebranded as “wUSDC” on blockchain explorers, and developers will be encouraged to update their user interfaces and documentation accordingly.

“The introduction of USDC as a native asset on Sui represents a significant milestone in the development of the Sui ecosystem,” stated Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, which developed the Sui Network. “With USDC’s superior technology, this initiative provides the Sui community with seamless access to one of the world’s most trusted digital currencies and reinforces Sui’s position as an industry frontrunner.”

Just over a year since its mainnet launch, the addition of one of the industry’s foundational assets highlights the rapid growth of the Sui ecosystem as a leader in the space. The availability of multiple native stablecoins on Sui fosters a diverse, secure, and scalable platform for the future of intelligent assets.

Contact:
Sui Foundation
[email protected]