Native USDC Officially Launches on Sui

October 8, 2024 – Grand Cayman, Cayman Islands

Sui is the first Move language-based blockchain with native USDC.

Sui, the layer-one 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.

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 CCTP (cross-chain transfer protocol) 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 DeFi (decentralized finance) applications on the Sui Network, as protocols can now leverage native USDC to offer improved liquidity, reduced friction and enhanced user experiences.

Jameel Khalfan, head of ecosystem development at Sui Foundation, said,

“Sui’s integration of native USDC will bring tremendous benefits to developers and users alike.

“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 one 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