Circle has introduced native USDC on the Sui blockchain, giving developers and users direct access to USDC without relying on bridges.
Circle, the issuer of the second-largest stablecoin globally, has announced the native integration of USDC on the Sui blockchain. This move marks a significant step for the network, providing developers and users with direct access to USDC without relying on third-party bridges.
With native USDC on Sui, developers can now build decentralized applications (dapps) on the layer one (L1) blockchain, enabling them to create a wide range of defi, gaming, ecommerce, and other applications. The native USDC will be fully redeemable 1:1 for U.S. dollars, offering a stable, dollar-backed asset for creating financial products.
This integration differs from the bridged tokens, such as wUSDC, that were previously used on Sui. While bridged tokens are useful for transferring assets between different blockchains, they are not issued by Circle nor redeemable through its APIs.
Sui, a blockchain developed by Mysten Labs, is built on the Move programming language and designed to support high-throughput decentralized applications. The network is known for its fast transaction processing capabilities, making it suitable for a variety of use cases.
In a blog post announcing the native USDC integration, Circle highlights the rapid growth of the Sui ecosystem, with over 85 applications currently in development. The introduction of USDC is expected to further boost liquidity and enable a wider range of services and use cases on the network.
“This launch is part of Circle’s multi-chain approach, which aims to support a diverse and interconnected blockchain ecosystem. Native USDC will operate alongside Wormhole’s bridged tokens, and we are working together to support migration from wUSDC to native USDC. We also plan to integrate with Circle’s Cross-Chain Transfer Protocol (CCTP), which is designed to simplify native USDC transfers across blockchains.”
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