SUI Network Celebrates Major USDC Milestone as DeFi Ecosystem Grows Rapidly

It’s been less than 2 months since SUI launched the USDC stablecoin natively on its network. That move has since yielded impressive results

SUI (CRYPTO: SUI) recently announced that the amount of USDC operating natively on the network just crossed the $100 million milestone.

According to DeFiLlama, USDC was the most dominant stablecoin in the SUI ecosystem with a share of 72.23%. Here, it’s worth noting that the network’s total stablecoin market cap was $388.03 million, at the time of writing. For context, SUI’s market cap was less than $6 million in January 2024.

This development comes less than two months after SUI completed the integration of the USDC stablecoin onto its network. The integration enabled Sui users to mint, burn, and transfer USDC natively on the Sui blockchain.

Prior to the integration, USDC was available on Sui via third-party decentralized applications. However, the native integration aimed to enhance the user experience and reduce the latency associated with minting and burning the stablecoin.

DeFiLlama showed that SUI’s stablecoin market cap had so far regained $88 million after closing October at $300.24 million. It previously achieved an ATH of $438.64 million in October.

TVL, Address Activity Reflect The State Of The Network

Speaking of all-time highs, the network’s stablecoin market cap adopted an overall uptrend in 2024. In fact, SUI’s stablecoin market cap just soared to a new historic high of $1.11 billion in the last 24 hours.

The network had a TVL of $211 million towards the start of 2024. Both the TVL and stablecoin growth highlighted the network’s growing utility. These observations highlighted the budding activity that has been taking place within the network over the last 6 months.

Activity on SUI underlined the surge in daily active addresses during the six-month period. The network averaged less than 30,000 daily active addresses before May. However, daily addresses surged quickly and peaked at 2.5 million addresses by the fourth week of May.

Daily active addresses also spiked in September to as high as $1.8 million addresses. They have since declined to less than 800 million daily active addresses in the last 3 days though, despite the surge TVL and stablecoin count. Perhaps, this was because addresses do not necessarily reflect volume traded.

SUI Ventures Into New Territory

The SUI cryptocurrency also hit a new ATH of $2.38 during Thursday’s trading session after quickly recovering from its pullback in October.

At press time, SUI was not yet in overbought territory, according to the RSI. What this means is that there might be room for more upside. However, it is also worth noting that its price range saw some resistance near its previous ATH.

Heavy profit-taking could pull back SUI from more gains. However, the network’s growing utility and strong demand for its native crypto suggested that SUI may also extend its upside to new highs.