Circle’s USDC Launches
on Sui and Soneium, Boosting Liquidity and
Cross-
ChainTransfers
Circle has recently integrated USDC, its flagship stablecoin , into both
Sony• Объект организация » Организации по алфавиту » Организации на So » Sony Corporation’s Soneium, an Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum layer-2 solution, and the Sui blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн.
By launching on these two platforms, USDC continues its strategy of expanding
its stablecoin reach, particularly in decentralized finance ( DeFi ) and
beyond.
USDC Expands Utility on Sui and Soneium to Boost Liquidity
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Sponsored
On September 17, Sui, one of the prominent layer-1 blockchains in the market,
announced the launch of Circle’s USDC stablecoin alongside the Cross-Chain
Transfer Protocol (CCTP). CCTP facilitates secure USDC transfers between
blockchains, enhancing the stability and interoperability of Sui s
ecosystem. This addition is expected to improve liquidity and transaction
efficiency across multiple applications, including DeFi and digital commerce.
“The availability of USDC as a native asset on Sui marks yet another major
milestone in the maturation of the Sui ecosystem. This brings our community
seamless access to one of the world’s most trusted digital currencies,”
Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs—Sui’s
developer, told BeInCrypto in an email• Коммуникации » Интернет-коммуникации » Электронная почта.
Read more: A Guide to the Best Stablecoins in 2024
The inclusion of USDC on Sui also strengthens its existing decentralized
finance scene, which currently has over $700 million in total value locked
(TVL) and $215 million in bridged USDC. Sui aims to transition from
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum-based bridged USDC to native USDC, ensuring a more seamless
experience for developers and users. This transition will occur in
collaboration with ecosystem apps, gradually shifting liquidity to the native
stablecoin.
As USDC becomes a native asset, Sui’s ecosystem benefits from one of the most
widely adopted digital currencies , which can be used for a wide range of
financial products. By enabling more efficient cross-chain transactions, USDC
helps streamline the user experience across Sui’s DeFi, gaming, and e-commerce
sectors.
This development comes after Circle announced its partnership with Sony• Объект организация » Организации по алфавиту » Организации на So » Sony Corporation on
September 15. The collaboration aims to integrate USDC as a primary token for
transactions on Soneium, Sony• Объект организация » Организации по алфавиту » Организации на So » Sony Corporation’s Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum layer-2 (L2) solution . This move
will also enable Soneium to offer decentralized solutions for industries
ranging from entertainment to global finance.
Sponsored
Sponsored
“Bridged USDC Standard is a specification and process for deploying a bridged
form of USDC on Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum Virtual Machine (EVM)-compatible blockchains. Bridged
USDC serves as a proxy for native USDC held on Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, enabling developers
building on layer 2 blockchains like Soneium to readily power their apps with
digital dollar payments,” Circle explained in its official statement.
Read more: What is a Stablecoin and How do They Work? Stablecoin Market
Capitalization. Source: DefiLlama
Circle’s decision to expand USDC’s presence on both Sui and Soneium aligns
with the growing demand for stablecoins . BeInCrypto recently reported that
the stablecoin market has reached $170 billion in total market capitalization,
recovering from the downturn following TerraUSD’s collapse in 2022. USDC, with
a market cap of $35 billion, remains one of the top stablecoins, alongside
Tether (USDT) and Dai (DAI).
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