Native USDC Officially Launches on Sui

Sui, a Layer 1 blockchain, has launched native USDC, enabling users to directly access the stablecoin without relying on bridged assets.

Man meditating as he flyes straight up towards the stars.
Created by Gabor Kovacs from DailyCoin

Grand Cayman, Cayman Islands, October 8th, 2024, Chainwire
Sui is the first Move language-based blockchain with native USDC.

Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, and Circle, the issuer of USDC, today announced that native USDC is live on the Sui Network. With this integration, users of Sui will have direct access to one of the most widely used stablecoins as a native asset on the network, removing the added complexities and risks caused by bridged assets.

Sponsored

With the launch of native USDC on Sui, users can now enjoy enhanced liquidity and security through direct on-chain representation, eliminating the need to bridge USDC and use external bridges. This transition reduces the risks associated with canonical, or lock-and-mint bridges, offering a more secure experience for asset transfers.

Additionally, the upcoming integration of Cross-Chain Transfer Protocol (CCTP) will enable seamless movement of USDC across supported blockchains, allowing users to transfer assets swiftly and securely between networks, including Sui. The development opens up significant opportunities for decentralized finance (DeFi) applications on the Sui Network, as protocols can now leverage native USDC to offer improved liquidity, reduced friction, and enhanced user experiences.

“Sui’s integration of native USDC will bring tremendous benefits to developers and users alike,” said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. “Native USDC grants the Sui community easy access to one of the world’s most stable digital currencies, and the opportunities it unlocks for the ecosystem are endless.”

Protocols on Sui integrating native USDC on day 1 include Aftermath Finance, Cetus, DeepBook, FlowX, Hop, Kriya, Navi Protocol, Scallop, Suilend, Sui Wallet, Turbos, Typus, and 7K with a number offering swaps from bridged USDC to the new native token.

Contact

Sui Foundation
media@sui.io

This article contains a press release from an external source. The opinions and information presented may differ from those of DailyCoin. Readers are encouraged to independently verify the details and consult with experts before acting on any information provided. Please note that our Terms and Conditions, Privacy Policy, and Risk Warning have been recently updated.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tags
Author
Chainwire

Chainwire is a crypto news wire which shares the hottest industry news with DailyCoin. The content from Chainwire is not written by DailyCoin.

Read more