Circle has announced the launch of native USDC on the Sui Network, a Layer 1 blockchain recognized for its focus on scalability, speed, and affordability.
Stablecoin issuer Circle has announced the launch of native USDC on the Sui Network, a Layer 1 blockchain recognized for its focus on scalability, speed, and affordability. This integration makes Sui the first blockchain to use the Move programming language to support native USDC, highlighting the platform’s innovation in the cryptocurrency ecosystem.
The launch of native USDC will allow developers and users to take advantage of the benefits of dollar-backed stablecoin transactions, providing greater stability and confidence in their projects. It will open up a wide range of possibilities for the development of decentralized finance (DeFi) applications, gaming, DePIN (decentralized infrastructure protocols), and e-commerce on Sui.
One of the most notable advantages of native USDC is its ability to eliminate the need for traditional intermediaries like banks, facilitating the creation and use of financial products that are accessible from anywhere in the world. This marks a significant step towards the goal of financial inclusion and accessibility, which is a key objective of blockchain technology and decentralized finance.
Previously, Sui Network had implemented a bridged version of USDC called wUSDC, which was made available through an integration with Wormhole, a cross-chain asset transfer technology. However, native USDC, which is issued directly by Circle, offers a more secure and reliable alternative that does not rely on bridging processes, making it more compatible and easier to redeem.
The arrival of native USDC on Sui is expected to have a profound impact on the DeFi landscape within the Sui ecosystem. Several projects, including Cetus Protocol, Mysten Labs, Navi Protocol, and SuiLendProtocol, are likely to adopt native USDC to enhance their platforms, facilitating sustained growth in sectors such as DeFi and e-commerce.
Moreover, the addition of USDC to platforms like Coinbase expands access for users to utilize this stablecoin more easily, further integrating Sui into the broader cryptocurrency market.
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