Grand Cayman, Cayman Islands, October 8th, 2024,
Chainwire
Sui is the first Move language-based blockchain with native
USDC
Sui, the Layer 1 blockchain offering industry-leading
performance and infinite horizontal scaling, and Circle, the issuer
of USDC, today announced that native USDC is live on the Sui
Network. With this integration, users of Sui will have direct
access to one of the most widely used stablecoins as a native asset
on the network, removing the added complexities and risks caused by
bridged assets.
With the launch of native USDC on Sui, users can now enjoy
enhanced liquidity and security through direct on-chain
representation, eliminating the need to bridge USDC and use
external bridges. This transition reduces the risks associated with
canonical, or lock-and-mint bridges, offering a more secure
experience for asset transfers.
Additionally, the upcoming integration of Cross-Chain Transfer
Protocol (CCTP) will enable seamless movement of USDC across
supported blockchains, allowing users to transfer assets swiftly
and securely between networks, including Sui. The development opens
up significant opportunities for decentralized finance (DeFi)
applications on the Sui Network, as protocols can now leverage
native USDC to offer improved liquidity, reduced friction, and
enhanced user experiences.
“Sui’s integration of native USDC will bring tremendous
benefits to developers and users alike,” said Jameel Khalfan, Head
of Ecosystem Development at Sui Foundation. “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.”
Protocols on Sui integrating native USDC on day 1 include
Aftermath Finance, Cetus, DeepBook, FlowX, Hop, Kriya, Navi
Protocol, Scallop, Suilend, Sui Wallet, Turbos, Typus, and 7K with
a number offering swaps from bridged USDC to the new native
token.
Contact
Sui
Foundation
media@sui.io