Circle CEO Jeremy Allaire announced that the USDC stablecoin will be launched soon on the Sui Network. According to an X post on Tuesday, Circle will be collaborating with Sui Network to launch the second largest stablecoin on Sui Network’s layer 1 blockchain. With this initiative, the stablecoin’s support will expand to more than 15 blockchain networks.
The USDC will be supported on the network with the help of the Cross-Chain Transfer Protocol (CCTP). The CCTP is a permissionless on-chain utility. The stablecoin transfers between the blockchain networks can be eased through mining and burning.
Excited to partner with our friends at @circle. USDC is coming to @SuiNetwork ! pic.twitter.com/0aUDrUxoNV
— evan.sui (@EvanWeb3) September 17, 2024
With the partnership of USDC and CCTP, the Sui Network can elevate its usability, security, and interoperability for users and developers. By streamlining transactions and improving market efficiency, the Sui network can improve liquidity. The cross-chain transfer protocol can solve liquidity issues by moving the USDC effectively. By shifting the stablecoin from one blockchain to another in a secure manner, these issues can be resolved.
Developers can use USDC and enhance decentralized finance (DeFi) platforms, gaming, and e-commerce. With this option, users can seamlessly spend and manage their digital assets efficiently.
Nubank To Terminate Nucoin Trade; Allows Shift to BTC, USDCMysten Labs co-founder Adeniyi Abiodun, who developed the Sui network, stated that the native USDC gives the Sui community easy access to the world’s most trusted digital currencies. Abiodun added that the network achieved a milestone in procuring the stablecoin as a native asset. Notably, the Sui network stated that it will join with ecosystem apps to move liquidity from the bridged USDC to the native USDC gradually.
Recently, Circle joined with Sony Block Solutions Labs to enable USDC on Soneium. This joint venture will help creators and developers thrive, providing a secure, user-friendly Web3 experience.
