Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, has announced the upcoming native launches of USDC and Cross-Chain Transfer Protocol (CCTP) on its network.
Launch of USDC and CCTP on Sui
USDC, issued through Circle’s regulated entities, is the largest regulated dollar-backed stablecoin in the industry with over a $35 billion market cap as of September 17, 2024. CCTP is a permissionless on-chain utility that secures USDC transfers between blockchains, aiming to provide a more secure and capital-efficient way to transact with USDC.
Advantages of Integration
Integrating native USDC and CCTP enhances Sui’s utility, security, and interoperability for users and developers. It aims to bring more liquidity to the network, streamline transactions, and improve market efficiency. Builders on Sui will soon be able to use native USDC in various digital dollar-backed financial products across different use cases, including DeFi, gaming, DePIN, and e-commerce. Users can seamlessly send, spend, and save with digital dollars. According to DeFi Llama on September 17, Sui's thriving DeFi ecosystem boasts almost $700 million in Total Value Locked (TVL) and over $250 million in bridged USDC.
Transition to Native USDC
Sui will collaborate with ecosystem apps to gradually transition liquidity from bridged USDC to native USDC, while Wormhole’s Portal bridge will continue operating as usual. Before native USDC launches, the Ethereum-bridged USDC will be renamed "wUSDC" on block explorers, and ecosystem apps will be encouraged to update their UI and documentation accordingly.
The integration of USDC into the Sui platform highlights the rapid growth and evolution of the Sui ecosystem, marking it as an industry leader.
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