Blockchain Sui to add support for native USDC

crypto.news · 2024-09-16T22:25:05+00:00

Sui Network will integrate native USDC and Cross-Chain Transfer Protocol, allowing for more digital dollar-backed functionalities. Circle will support Sui’s community and increase blockchain-based utilities. Sui’s current TVL is over $700m.

crypto.news

2024-09-16 22:25:05

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Sui will soon integrate native USDC and CCTP, boosting its blockchain’s liquidity and cross-chain transaction capabilities.

Sui Network, a layer-1 blockchain, is set to integrate native USD Coin (USDC) and the Cross-Chain Transfer Protocol in an effort to enhance its scalability and interoperability.

In a press release on Sept. 17 shared with crypto.news, the Sui team said the integration will allow the network’s users and developers to leverage USDC for various digital dollar-backed financial products, including applications in decentralized finance, gaming, decentralized physical infrastructure networks, and e-commerce.

“Sui will collaborate with eco apps to transition liquidity from bridged USDC to native USDC gradually, while Wormhole’s Portal bridge will continue operating as usual.”

Sui

Circle to help builders deliver blockchain utility

Prior to the launch of native USDC, the Ethereum-bridged version will be renamed “wUSDC” on block explorers, the press release reads. Circle’s chief product officer Nikhil Chandhok expressed enthusiasm about supporting Sui’s developer and user community, saying Circle “will help more builders deliver blockchain based utility and contribute to efficient payment experiences on Sui and across other ecos.”

The addition comes just a week after Grayscale opened its Sui Trust to qualified investors, providing exposure to Sui and other cryptocurrencies, and further expanding Grayscale’s product offerings.

Sui, currently the 27th largest cryptocurrency by market capitalization with $2.4 billion, has seen a rebound in its total value locked. After a significant drop from $1.08 billion in May 2024 to $516 million in early August, Sui’s TVL has increased to over $700 million, making it the 10th largest chain by total value locked, per data from DefiLlama.

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