Circle, issuer of the second-largest stablecoin USD Coin, has officially launched USDC on Sui, a Layer-1 blockchain. Sui is the first blockchain using the Move programming language to support native USDC, opening up new possibilities for developers and users. Navi Protocol, with $364 million in total value locked (TVL), is the first to integrate USDC. Developers can now leverage USDC in the Sui ecosystem to power innovative applications, such as building U.S.-dollar-backed financial products and creating decentralized finance (DeFi) apps. Bridged USDC known as wUSDC is also available on Sui, transferred from Ethereum through Wormhole, Uniswap’s multichain protocol. Wormhole plays a crucial role in the growth of bridged USDC, and Cross-Chain Transfer Protocol (CCTP) coming soon to Sui will further enhance this capability.
Many leading ecosystem apps are expected to support native USDC on Sui for various purposes like DeFi, gaming, DePIN, and ecommerce. Prominent projects like Cetus Protocol, Mysten Labs, Navi Protocol, Suilend Protocol are already onboard, with more to follow. USDC on Sui will soon be available on Coinbase as well. Businesses and institutions can easily access on/off-ramps for USDC on Sui using Circle Mint and its APIs, facilitating seamless deposit and withdrawal of USDC between supported chains. With the addition of Sui, USDC is now natively supported on 16 blockchain networks, further solidifying its position as a leading stablecoin in the cryptocurrency ecosystem.
Sui, a Layer-1 blockchain based on Proof-of-Stake (PoS), offers fast and cost-effective transactions. Its unique approach called “transaction parallelization” enables the parallel processing of transactions, leading to improved data organization within the consensus mechanism. Since its launch last year, Sui has experienced remarkable growth, rapidly ascending to the seventh position in terms of TVL. With over $1 billion in TVL, Sui’s DeFi ecosystem is nearly three times larger than Cronos and five times greater than Cardano’s. The SUI token is currently valued at $1.91, representing a significant increase of 106% over the past 30 days, showcasing the platform’s growing popularity and adoption in the DeFi landscape.
Developers looking to create seamless cross-chain experiences can leverage Sui’s integration with CCTP to connect their apps to other blockchains like Arbitrum, Base, Ethereum, Solana, and more. The migration guide provides options for migrating bridged USDC to native USDC in apps. With USDC now natively supported on Sui, developers can build on a stable foundation supported by Circle. USDC is an open-source, permissionless protocol, enabling any app to send and store digital dollars securely. The addition of Sui as a supported network further enhances USDC’s reach in the cryptocurrency ecosystem, providing more opportunities for developers and users to utilize the stablecoin in innovative ways.
The integration of USDC on Sui showcases the platform’s commitment to expanding its capabilities and offering new opportunities for developers and users. With various leading ecosystem apps already supporting native USDC on Sui for different use cases, the platform is positioned to become a hub for DeFi, gaming, and more. The seamless access to on/off-ramps for USDC on Sui through Circle Mint and its APIs simplifies transactions for businesses and institutions, reducing costs and delays associated with third-party bridging. Sui’s rise in the DeFi landscape, with its fast and cost-effective transactions, signifies its potential to become a key player in the cryptocurrency ecosystem, supported by the growing popularity of the SUI token and the platform’s impressive TVL growth.
