Sui, a Layer 1 blockchain known for its high performance and horizontal scaling capabilities, has made a significant announcement regarding the launch of native USDC and Cross-Chain Transfer Protocol (CCTP) on the Sui Network. This marks a milestone for the blockchain, as it becomes the first to support these protocols based on the Move programming language.
USDC, issued through Circle’s regulated entities, is a leading dollar-backed stablecoin in the industry with a market cap exceeding $35 billion as of September 17, 2024. The integration of USDC and CCTP brings enhanced utility, security, and interoperability to the Sui Network, offering users and developers a seamless experience for transacting with digital dollars.
The introduction of native USDC on Sui opens up a wide range of possibilities for builders looking to create innovative financial products in areas such as DeFi, gaming, DePIN, and e-commerce. Users will benefit from the ability to send, spend, and save with digital dollars, making transactions more efficient and improving market liquidity across the ecosystem.
With a thriving DeFi environment boasting nearly $700 million in Total Value Locked (TVL) and over $250 million in bridged USDC, Sui is well-positioned to support the scaling of USDC on its network. The collaboration between Sui and ecosystem apps to transition liquidity from bridged USDC to native USDC will be a gradual process, ensuring a smooth transition for users and developers.
Circle, the entity behind USDC, is excited to support Sui’s community with the availability of native USDC and CCTP. Nikhil Chandhok, Chief Product Officer at Circle, emphasized the importance of delivering efficient payment experiences on Sui and other ecosystems through Circle’s open platform and permissionless protocols.
As Sui continues to evolve into an industry leader, the addition of USDC as a native asset solidifies its position as a platform for intelligent assets. Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, expressed excitement over the integration of USDC on Sui, highlighting the seamless access to one of the world’s most trusted digital currencies.
The transition from Ethereum-bridged USDC to native USDC on Sui will involve renaming the bridged asset to “wUSDC” on block explorers and encouraging ecosystem apps to update their UI and documentation accordingly. This process will ensure a smooth transition for users and developers as they adapt to the new native USDC ecosystem on Sui.
In conclusion, the launch of native USDC and CCTP on Sui represents a significant step forward for the blockchain, enhancing its utility, security, and interoperability. With the support of Circle and the Sui community, the integration of USDC as a native asset cements Sui’s position as an industry leader in the world of blockchain technology.