Sui Network plans to integrate native USD Coin (USDC) and Cross-Chain Transfer Protocol (CCTP) to enhance its blockchain’s scalability and interoperability.
Integration of Native USDC and CCTP
Sui Network, a layer-1 blockchain, is set to integrate native USD Coin (USDC) and Cross-Chain Transfer Protocol to enhance its scalability and interoperability. In a press release on Sept. 17, the Sui team said the integration will allow the network’s users and developers to leverage USDC for various digital dollar-backed financial products, including applications in decentralized finance, gaming, decentralized physical infrastructure networks, and e-commerce.
Support from Circle
Prior to the launch of native USDC, the Ethereum-bridged version will be renamed “wUSDC” on block explorers, the press release reads. Circle’s chief product officer Nikhil Chandhok expressed enthusiasm about supporting Sui’s developer and user community, saying Circle 'will help more builders deliver blockchain based utility and contribute to efficient payment experiences on Sui and across other ecosystems.'
Growth in TVL and Investor Interest
The addition comes just a week after Grayscale opened its Sui Trust to qualified investors, providing exposure to Sui and other cryptocurrencies, and further expanding Grayscale’s product offerings. Sui, currently the 27th largest cryptocurrency by market capitalization with $2.4 billion, has seen a rebound in its total value locked (TVL). After a significant drop from $1.08 billion in May 2024 to $516 million in early August, Sui’s TVL has increased to over $700 million, making it the 10th largest chain by total value locked, per data from DefiLlama.
The integration of native USDC and CCTP into the Sui blockchain opens new opportunities for users and developers, fostering liquidity growth and improving cross-chain transactions.
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