Originally published on: September 17, 2024
Circle’s popular stablecoin, USD Coin (USDC), is gearing up to join the Sui network, a layer-1 (L1) blockchain, expanding its reach to new horizons. The announcement was made by Circle’s co-founder and CEO, Jeremy Allaire, who revealed that USDC would soon be available on the Sui network, adding to its existing support on 15 other blockchain networks.
The integration of USDC on Sui will leverage the Cross-Chain Transfer Protocol (CCTP), allowing for seamless transfers of USDC between different blockchain networks through native burning and minting mechanisms. This move is expected to enhance usability, security, and interoperability on the Sui network for both users and developers.
Sui, launched in 2023, is a cutting-edge L1 blockchain and smart contract platform that aims to streamline the development of applications within the Web3 ecosystem. Built on the Move programming language, Sui enables parallel transaction execution, offering a robust infrastructure for decentralized applications.
Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the team behind Sui network, stated that the addition of USDC as a native asset on Sui signifies a significant milestone in the network’s evolution.
With USDC poised to join Sui and other prominent blockchain networks, including Algorand, Celo, and Solana, it continues to solidify its position as one of the leading stablecoins globally. Originally launched in collaboration with Coinbase in 2018, USDC has gained traction in the crypto space, ranking just behind Tether in market capitalization.
Looking ahead, Circle’s strategic partnerships and expansion initiatives, such as the upcoming integration with Sui, signal a promising future for USDC and the broader cryptocurrency ecosystem. Stay tuned for more updates as USDC makes its mark on the Sui network and beyond.
