A little over a year after the launch of its mainnet, Sui will integrate USDC, the 2nd most capitalized stablecoin on the market. An arrival that underlines the rapid evolution of the Sui ecosystem and Circle's desire to extend the availability of its stablecoin.
After Soneium, Circle's USDC stablecoin arrives on layer 1 Sui
Jeremy Allaire, Circle CEO, announced this Monday the upcoming launch of USDC on the Sui blockchain. Layer 1 will become the 16th blockchain to host the stablecoin. The announcement comes just 24 hours after Circle unveiled its partnership with Sony to launch USDC on Soneium, its layer 2.
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As part of this integration, stablecoin will be natively supported on Sui via THE Circle Cross-Chain Transfer Protocol (CCTP). This protocol designed in 2023 allows users to transfer their USDC as easily as possible from one blockchain to another while avoiding blocking liquidity in traditional bridges.
Note that Sui will still allow its users to exploit the Wormhole bridge. For Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the entity responsible for developing Sui, the arrival of Circle's stablecoin can only be beneficial for layer 1 :
The availability of USDC as a native asset on Sui
marks another important milestone in the maturation of the Sui ecosystem. […] Combined with the CCTP protocol, the USDC stablecoin offers the Sui community seamless access to one of the world's most trusted digital currencies and consolidates Sui's position as an industry leader.
For his part, Nikhil Chandhok, Chief Product Officer at Circle is delighted to support the Sui user community by offering its stablecoin and protocol :
Circle's Open Platform and Permissionless Protocols
will help more developers provide blockchain-based public services and will contribute to efficient payment experiences on Sui and across other ecosystems.
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Source: Stravia.sui111.sui on X
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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