Announcement marks the first blockchain based on the Move programming language to support these protocols
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2.57%By Chainwire
3 min read
Singapore, Singapore, September 17th, 2024, Chainwire
Announcement marks the first blockchain based on the Move programming language to support these protocols
Sui, the Layer 1 blockchain offering 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. Issued through Circle’s regulated entities, USDC is the largest regulated dollar-backed stablecoin in the industry with over a $35 billion market cap, as of September 17, 2024.
CCTP is a permissionless on-chain utility that attests to USDC transfers securely between blockchains and aims to provide a more secure and capital-efficient way to transact with USDC across supported blockchains.
Integrating native USDC and CCTP enhances Sui’s utility, security and interoperability for users and developers, with the intent of bringing more liquidity to the network, streamlining transactions, and improving market efficiency across the ecosystem. Builders on Sui will soon be able to use native USDC in a multitude of digital dollar-backed financial products across a variety of use cases including DeFi, gaming, DePIN and ecommerce. Users can seamlessly send, spend and save with digital dollars.
Additionally, Sui’s thriving DeFi environment, according to DeFi Llama on September 17th, boasts almost $700 million in Total Value Locked (TVL), over $250 million in bridged USDC, and a top 10 ranking in weekly DEX trading volume, provides a key foundation for USDC to continue to scale.
Sui will collaborate with ecosystem apps to transition liquidity from bridged USDC to native USDC gradually, while Wormhole’s Portal bridge will continue operating as usual. Before native USDC launches, the Ethereum-bridged USDC will be renamed "wUSDC" on block explorers, and ecosystem apps will be encouraged to update their UI and documentation accordingly.
Just a little over a year since its mainnet launch, the integration of one of the industry’s bedrock assets further underscores the Sui ecosystem's rapid evolution into an industry leader. The presence of multiple native stablecoins on Sui fuels a diverse, secure, and scalable platform for building the future of intelligent assets.
Sui Foundation
media@sui.io
Disclaimer: Press release sponsored by our commercial partners.