The co-founder and CEO of Circle have announced that USD Coin (USDC), the second-largest stablecoin by market capitalization, will be transitioning to the layer-1 blockchain Sui network.
Jeremy Allaire, the CEO of Circle, has announced the forthcoming launch of USDC on the Sui network, which will extend the stablecoin’s support beyond 15 blockchain networks. Stravia.sui111.sui, the ambassador of the Sui network, announced on September 17 that Allaire reposted on X.
CCTP will enable the implementation of the native USDC on Sui
The Cross-Chain Transfer Protocol (CCTP), a permissionless on-chain utility that enables USDC transfers between blockchain networks through native burning and minting, will facilitate USDC support on Sui as part of the new integration.
Founded in 2023, Sui is an L1 blockchain and smart contract platform that endeavors to streamline and enhance the development of applications and functions within the Web3 ecosystem. Parallel transaction execution is enabled by its architecture, founded on the Move programming language.
According to an announcement released by the Sui Foundation, integrating native UDSC and CCTP is anticipated to enhance the security, interoperability, and usability of Sui for consumers and developers.
Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the developer of the Sui network, stated, “The availability of USDC as a native asset on Sui marks another important milestone in the maturation of the Sui ecosystem.” Additionally, he said:
“Combined with USDC’s world-class technology, the native USDC provides the Sui community with seamless access to one of the world’s most trusted digital currencies and solidifies Sui’s position as an industry leader.”
USDC stablecoin operates natively on 15 blockchains
USDC is a significant stablecoin, a form of cryptocurrency intended to maintain a consistent value by being linked to a reference value such as the US dollar.
In 2018, Circle and the US crypto exchange Coinbase announced the introduction of the digital currency, which has since become one of the largest stablecoins in the world, second only to Tether.
USDC has expanded native support to 15 blockchain networks, including Algorand, Celo, Hedera, Polkadot, Solana, and others, following its debut as an ERC-20 token on the Ethereum blockchain.
Circle and Sony Block Solutions Labs, a joint venture between the Japanese tech conglomerate Sony Group and Singapore-based Startale Labs, announced on September 15 that they intend to broaden USDC’s use on the Soneium, an Ethereum layer-2 network.
