Circle has officially launched USDC on Sui, a Layer-1 blockchain that utilizes the Move programming language and is the first blockchain to support native USDC. Navi Protocol, Sui’s lending platform with $364 million in total value locked, is the first to integrate USDC, providing developers and users with new opportunities. Developers can now use USDC in the Sui ecosystem to power applications like U.S.-dollar-backed financial products, DeFi apps, and digital savings. There is also a bridged form of USDC on Sui known as wUSDC, transferred from Ethereum through Wormhole, which is not issued by Circle but is compatible with the Sui mainnet.
Wormhole has played a vital role in the growth of bridged USDC on Sui, and the upcoming Cross-Chain Transfer Protocol (CCTP) will further enhance the cross-chain capabilities on the network, enabling seamless transactions with USDC across supported blockchains without liquidity lock-ups. This integration will connect Sui apps with other blockchains like Arbitrum, Base, Ethereum, Solana, and more, allowing developers to create cross-chain experiences. Many leading ecosystem apps on Sui are expected to support native USDC for various purposes, including DeFi, gaming, ecommerce, and more. USDC on Sui will also soon be available on Coinbase, providing businesses and institutions with easy access on/off-ramps for USDC using Circle Mint and its APIs.
Sui, a Layer-1 blockchain powered by Proof-of-Stake (PoS), offers fast and cost-effective transactions through its unique approach called “transaction parallelization,” allowing for parallel processing of transactions within the consensus mechanism. Since its launch last year, Sui has seen significant growth, currently ranking seventh in terms of TVL and surpassing chains like Avalanche and Polygon. With over $1 billion in TVL, Sui’s DeFi ecosystem is thriving, with the SUI token valued at $1.91 as of October 9, representing a 106% increase over the past 30 days. The addition of Sui brings the total number of blockchain networks supporting USDC to 16, reinforcing its position as a leading stablecoin in the crypto ecosystem.
Developers on Sui can leverage USDC in innovative ways, creating new financial products and DeFi applications while holding savings digitally. The availability of native USDC on Sui, as well as the upcoming CCTP integration, will enable developers to enhance cross-chain experiences and access a wide range of leading ecosystem apps that support USDC. Businesses and institutions can take advantage of Circle Mint and its APIs to easily access and transact with USDC on Sui, avoiding the costs and delays associated with third-party bridging solutions. USDC’s open-source and permissionless nature makes it accessible to any app looking to send and store digital dollars within a stable foundation.
The integration of USDC on Sui opens up possibilities for developers and users to engage with the stablecoin in various applications, including DeFi, gaming, ecommerce, and more. With Sui’s fast and cost-effective transactions supported by its transaction parallelization approach, the platform has gained traction in the DeFi landscape, boasting a significant TVL and rapid growth. The addition of Sui as a blockchain supporting USDC solidifies the stablecoin’s position as a prominent player in the cryptocurrency ecosystem, offering developers and users new opportunities and seamless cross-chain experiences.
