USD Coin (USDC), the second-largest stablecoin by market capitalization, is coming to the Sui blockchain, according to the co-founder and CEO of Circle.
USDC Launch on Sui
Circle CEO Jeremy Allaire has announced the upcoming launch of USDC on the Sui network, expanding the stablecoin’s support beyond 15 blockchain networks. Allaire took to X on Sept. 17 to repost the announcement by Sui network ambassador Stravia.sui111.sui.
Integration via CCTP
As part of the new integration, USDC is set to become natively supported on Sui through the Cross-Chain Transfer Protocol (CCTP), a permissionless on-chain utility that facilitates USDC transfers between blockchain networks via native burning and minting. Launched in 2023, Sui is an L1 blockchain and smart contract platform that aims to simplify and improve the creation of applications and functions in the Web3 ecosystem.
Importance of the Launch
The integration of native USDC and CCTP is expected to increase Sui’s usability, security, and interoperability for users and developers, according to an announcement shared by the Sui Foundation. Adeniyi Abiodun noted that the combination of USDC’s technology with the Sui blockchain provides seamless access to one of the world’s most trusted digital currencies.
This is a developing story, and further information will be added as it becomes available.
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