USDC To Launch On Sui Network

According to Cointelegraph, USD Coin (USDC), the second-largest stablecoin by market capitalization, is set to be integrated into the layer-1 (L1) blockchain Sui network. This announcement was made by Jeremy Allaire, the co-founder and CEO of Circle, the issuer of USDC. Allaire shared the news on X on September 17, reposting an announcement from Sui network ambassador Stravia.sui111.sui. As part of this integration, USDC will be natively supported on Sui through the Cross-Chain Transfer Protocol (CCTP). CCTP is a permissionless on-chain utility that facilitates USDC transfers between blockchain networks via native burning and minting. Launched in 2023, Sui is an L1 blockchain and smart contract platform designed to simplify and enhance the creation of applications and functions within the Web3 ecosystem. It utilizes the Move programming language and supports parallel transaction execution. The integration of native USDC and CCTP is anticipated to enhance Sui’s usability, security, and interoperability for both users and developers. This sentiment was echoed in an announcement shared by the Sui Foundation. Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the developer of the Sui network, stated that the availability of USDC as a native asset on Sui marks a significant milestone in the maturation of the Sui ecosystem. He emphasized that the combination of USDC’s technology with Sui’s capabilities provides the Sui community with seamless access to one of the world’s most trusted digital currencies, thereby solidifying Sui’s position as an industry leader. Cointelegraph reached out to Circle for comments regarding the USDC launch on Sui but did not receive a response at the time of publication. This is a developing story, and further information will be provided as it becomes available.