Circle’s Native USDC Now Available On Sui Network
In Brief
Circle launched its native USDC on Sui network, making it available to developers and users without the need for bridging.
Global fintech company and stablecoin issuer Circle announced the launch of native USDC on the Sui Mainnet, making it available to developers and users without the need for bridging. Moreover, Circle Mint and Circle APIs now fully support USDC on Sui, facilitating easy access to USDC liquidity while leveraging Sui’s fast and secure network.
Sui is a Layer 1 blockchain that provides a fast, secure, scalable, and cost-effective infrastructure for developers creating on-chain applications. It is the first blockchain based on the Move programming language to support native USDC. With the introduction of USDC, developers can utilize the largest regulated dollar-backed stablecoin in the sector.
As a general-purpose blockchain, Sui allows businesses and developers to create applications across a wide range of use cases, including decentralized finance (DeFi), gaming, decentralized physical infrastructure networks (DePIN), and e-commerce. As of October, Sui’s ecosystem has expanded to include over 85 applications, showing fast growth. The Move programming language serves as the foundational framework for the Sui, providing businesses and developers with a useful tool for managing digital assets such as cryptocurrencies and non-fungible tokens (NFTs).
Circle introduces native USDC to new blockchain networks to provide developers with a reliable and stable foundation for their projects. The stablecoin is issued by Circle and can be redeemed on a one-to-one basis for US dollars.
On the Sui blockchain, there is also a “bridged” version of USDC called wUSDC, which is USDC that has been bridged from Ethereum via the Wormhole. However, wUSDC is not issued by Circle and is not compatible with or redeemable through Circle Mint or Circle APIs.
Wormhole has played a crucial role in the expansion of bridged USDC on Sui, influencing Circle’s decision to introduce native USDC to this ecosystem. With the upcoming Cross-Chain Transfer Protocol (CCTP) on Sui, Wormhole will serve as a key integration partner, enabling developers and users to transfer USDC natively across different blockchains, noted the company.
USDC Launch On Sui To Enable New Use Cases
Now, exchanges, digital wallets, institutional traders, and developers can access USDC on the Sui blockchain through Circle Mint and Circle APIs for a variety of use cases. These include creating dollar-backed financial products, the development of new DeFi applications and providing a way to hold savings in digital dollars without requiring a traditional bank account. USDC on Sui will also soon be available on Coinbase.
Circle operates as a financial services and payments organization with a focus on blockchain technology, allowing businesses of all sizes to utilize digital currencies and public blockchains for global payments, commerce, and a range of financial applications.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
