Sui to Launch Circle’s Native USDC and CCTP
Sui to Launch Circle’s Native USDC and CCTP
Author: Chainwire
Last Updated Sep 17, 2024 @ 14:24
[PRESS RELEASE Singapore, Singapore, September 17th, 2024]
Announcement marks the first 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-based on the Move programming language
to support these protocols.
Sui , the Layer 1 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 offering industry-leading performance and
infinite horizontal scaling, has announced the upcoming native launches of
USDC and Cross-Chain Transfer Protocol (CCTP) on the Sui Network. Issued
through Circle’s regulated entities, USDC is the largest regulated
dollar-backed stablecoin in the industry with over a $35 billion market cap,
as of September 17, 2024.
CCTP is a permissionless on-chain utility that attests to USDC transfers
securely between blockchains and aims to provide a more secure and
capital-efficient way to transact with USDC across supported blockchains.
Integrating native USDC and CCTP enhances Sui’s utility, security and
interoperability for users and developers, with the intent of bringing more
liquidity to the network, streamlining transactions, and improving market
efficiency across the ecosystem. Builders on Sui will soon be able to use
native USDC in a multitude of digital dollar-backed financial products across
a variety of use cases including DeFi, gaming, DePIN and ecommerce. Users can
seamlessly send, spend and save with digital dollars.
Additionally, Sui’s thriving DeFi environment, according to DeFi Llama on
September 17th, boasts almost $700 million in Total Value Locked (TVL), over
$250 million in bridged USDC, and a top 10 ranking in weekly DEX trading
volume, provides a key foundation for USDC to continue to scale.
“Circle is excited to support Sui’s community of developers and end users with
the upcoming availability of native USDC and CCTP,” said Nikhil Chandhok,
Chief Product Officer at Circle. “Circle’s open platform and permissionless
protocols will help more builders deliver 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 based utility and
contribute to efficient payment experiences on Sui and across other
ecosystems.”
Sui will collaborate with ecosystem apps to transition liquidity from bridged
USDC to native USDC gradually, while Wormhole’s Portal bridge will continue
operating as usual. Before native USDC launches, the Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum-bridged USDC
will be renamed wUSDC on block explorers, and ecosystem apps
will be encouraged to update their UI and documentation accordingly.
“The availability of USDC as a native asset on Sui marks yet another major
milestone in the maturation of the Sui ecosystem,” said Adeniyi Abiodun,
Co-Founder and Chief Product Officer of Mysten Labs, which developed the Sui
Network. “In combination with USDC’s first-class technology, native USDC gives
the Sui community seamless access to one of the world’s most trusted digital
currencies and cements Sui as an industry leader.”
Just a little over a year since its mainnet launch, the integration of one of
the industry’s bedrock assets further underscores the Sui ecosystem s
rapid evolution into an industry leader. The presence of multiple native
stablecoins on Sui fuels a diverse, secure, and scalable platform for building
the future of intelligent assets.
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