In September, Sui Network announced the launch of $USDC on its platform. This significant event holds great importance for various sectors, including DeFi and gaming services.
Launch of $USDC on Sui Network
On September 17, Circle announced the launch of native $USDC on the Sui network. This means that users can purchase $USDC directly on the Sui network without needing to bridge it. $USDC is already available on the Sui testnet and will soon be available on the mainnet. Advantages of the $USDC launch: * Users can easily purchase $USDC on any Sui DEX or CEX. * DeFi on Sui will receive a positive boost; Sui currently ranks 9th in TVL among all blockchains on DeFiLlama. * Increase in users in sectors such as gaming, commerce, cross-border payments, and DePIN. * Developers can now build dApps with $USDC support.
Benefits for the Sui Ecosystem
Sui Network has become the first Move programming language blockchain to support $USDC. This brings additional benefits: * Fully regulated and reserve-backed stablecoin that can be exchanged 1:1 to $USD. * Provision of institutional on/off ramps through Circle Mint, opening doors for organizations interested in exploring Sui. * Easy integration of $USDC into existing dApps.
Circle’s Cross-Chain Transfer Protocol
Circle also announced the launch of the Cross-Chain Transfer Protocol (CCTP) for the Sui Network. This allows for easy and secure transfers of $USDC between Sui and supported blockchains, such as Arbitrum, Ethereum, Base, and Solana. Advantages of CCTP include: * Ability to move $USDC between 9 different chains with 72 different routes. * Creation of multi-chain dApps for transactions across various networks, such as MoveVM, EVM, SVM, and Cosmos SDK supported chains.
Sui Network is actively developing, and the unexpected launch of $USDC significantly expands the ecosystem's capabilities. The $SUI token has grown by 505% since the start of Suitember, demonstrating the interest of investors and users.
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