Grand Cayman, Cayman Islands, October 8th, 2024, Chainwire

Sui is the first Move language-based blockchain with native USDCSui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling. Today, Sui and Circle, the issuer of USDC, announced that native USDC is now live on the Sui Network. This integration allows Sui users direct access to one of the most widely used stablecoins as a native asset, eliminating complexities and risks associated with bridged assets.

With the launch of native USDC on Sui, users can enjoy enhanced liquidity and security through direct on-chain representation, thus removing the need to bridge USDC or use external bridges. This transition reduces the risks tied to canonical, or lock-and-mint bridges, offering a more secure experience for asset transfers.

Furthermore, the upcoming integration of Cross-Chain Transfer Protocol (CCTP) will facilitate seamless movement of USDC across supported blockchains, enabling quick and secure asset transfers between networks, including Sui. This development creates significant opportunities for decentralized finance (DeFi) applications on the Sui Network as protocols can now leverage native USDC to provide improved liquidity, reduced friction, and enhanced user experiences.

> “Sui’s integration of native USDC will bring tremendous benefits to developers and users alike,” said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. “Native USDC grants the Sui community easy access to one of the world’s most stable digital currencies, and the opportunities it unlocks for the ecosystem are endless.”

Protocols on Sui that are integrating native USDC on day 1 include Aftermath Finance, Cetus, DeepBook, FlowX, Hop, Kriya, Navi Protocol, Scallop, Suilend, Sui Wallet, Turbos, Typus, and 7K, with several offering swaps from bridged USDC to the new native token.

Contact: Sui Foundation | media@sui.io

This article was originally published on Chainwire.