Circle will bring USDC natively to the layer-1 Sui network alongside the Cross Chain Transfer Protocol (CCTP).
Circle, the issuer behind the second-largest stablecoin USDC, is natively launching the asset on the Sui network. Circle’s lead ambassador, going by ‘Stravia.sui 111.sui’ on X, mentioned, “@jerallaire, Co-Founder, CEO & Chairman, Circle announces native $USDC launching soon on @SuiNetwork!!” Jeremy Allaire reposted that post to confirm USDC’s expansion.
An announcement issued by the layer-1 Sui indicated that USDC will arrive natively to the chain and utilize the Cross Chain Transfer Protocol (CCTP). This protocol bridges tokens across numerous blockchains through the mint and burn mechanism. “Integrating USDC on the Sui Network immediately enhances Sui’s utility and interoperability for users and developers, adding liquidity, streamlining transactions, and improving market efficiency across the ecosystem,” the announcement read.
Sui is a fairly new blockchain network, launched in 2023 to bring rapid transaction and dApp execution at inexpensive gas prices. As a result, its DeFi ecosystem “as of September 17, 2024 boasts over $650 million in total value locked, over $350 million in stablecoin market cap, and consistently ranks near the top of all blockchains in weekly DEX trading volume.”
Native USDC deployment will enhance the dApp experience on the blockchain, with stablecoins like USDC acting as the fiat on-chain equivalent to facilitate trades and settlements. Nevertheless, Ethereum-deployed USDC was always available on Sui under the banner Bridged USDC. In fact, it is the largest stablecoin by circulation on the network, boasting $260 million worth of tokens in the ecosystem. Circle uses the Wormhole bridge to connect USDC from Ethereum to Sui.
USDC’s Prominence Has Pushed Circle to the Forefront of the Crypto Industry
USDC is only second to Tether’s USDT in market cap across the crypto ecosystem. The token is deployed natively on 15 blockchains thus far, and numerous more through its bridged version. With the stablecoin’s success, Circle has become a massive player in the crypto industry. Finding acceptance from regulators worldwide and an IPO approval in the US imminent, Circle recently announced that it would be moving its headquarters to Wall Street.
