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USD Coin (USDC), the second largest stablecoin by market cap, will soon be available on the layer-1 (L1) blockchain platform Sui. Circle CEO and USDC issuer Jeremy Allaire announced that USDC will be coming to Sui.
Jeremy Allaire announced the integration on the X platform on September 17, resharing the announcement made by Sui network ambassador Stravia.sui111.sui. This development expands USDC’s support on more than 15 blockchain networks.
USDC to launch on Sui via CCTP As part of the new integration, USDC will be available on the Sui network via the Cross-Chain Transfer Protocol (CCTP). CCTP is a permissionless on-chain protocol that facilitates the transfer of USDC between different blockchains, with native token burns and mints.
Launched in 2023, Sui is an L1 blockchain and smart contract platform that aims to simplify the development of applications and functions in the Web3 ecosystem. Built on the Move programming language, the platform enables parallel transaction execution.
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According to the announcement made by the Sui Foundation, the integration of USDC will increase the availability, security, and cross-network interaction of the Sui network. Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, described the inclusion of USDC in Sui as a significant milestone in the maturation of the Sui ecosystem. “When combined with USDC’s world-class technology, the local 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,” Abiodun said.
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