Sui to Launch Circle's Native USDC and CCTP for Enhanced Blockchain Utility and Interoperability
Singapore, Singapore, September 17th, 2024 - Sui, the Layer 1 blockchain known for its industry-leading performance and infinite horizontal scaling, has announced the upcoming native launches of USDC and Cross-Chain Transfer Protocol (CCTP) on the Sui Network. USDC, the largest regulated dollar-backed stablecoin with a $35 billion market cap, will be issued through Circle's regulated entities. CCTP is a permissionless on-chain utility that aims to securely transfer USDC between blockchains.
The integration of native USDC and CCTP will enhance Sui's utility, security, and interoperability, bringing more liquidity to the network and streamlining transactions. Builders on Sui will be able to utilize native USDC in various digital dollar-backed financial products across different use cases. Sui's thriving DeFi environment, boasting almost $700 million in Total Value Locked and over $250 million in bridged USDC, provides a strong foundation for USDC to continue to scale.
Circle's Chief Product Officer, Nikhil Chandhok, expressed excitement about supporting Sui's community with the availability of native USDC and CCTP. The transition from bridged USDC to native USDC will be gradual, with ecosystem apps encouraged to update their UI and documentation accordingly. Adeniyi Abiodun, Co-Founder of Mysten Labs, emphasized the significance of USDC as a native asset on Sui, solidifying Sui's position as an industry leader.
The integration of USDC marks a major milestone in Sui's evolution, showcasing its rapid growth and development as a leading blockchain ecosystem. The presence of multiple stablecoins on Sui creates a diverse and scalable platform for the future of intelligent assets.
In conclusion, the launch of native USDC and CCTP on Sui represents a significant advancement in blockchain technology, offering enhanced utility, security, and interoperability for users and developers. This development has the potential to impact the way digital assets are transacted, providing a more efficient and seamless experience for users across various industries. Keep an eye on Sui as it continues to evolve and lead the way in the blockchain space.