Blockchain Sui to add support for native USDC

As a seasoned crypto investor with a knack for spotting potential, I can confidently say that Sui Network’s decision to integrate native USDC and CCTP is a game-changer. With my years of experience navigating the crypto market, I’ve seen firsthand how integration like this can significantly boost scalability and interoperability, making a blockchain more attractive to developers and users alike.


Sui is planning to add support for the native USDC and CCTP, which should significantly enhance its blockchain’s access to liquidity and improve its ability to handle cross-chain transactions.

The Sui Network, a foundational blockchain, plans to incorporate native USD Coins (USDC) and the Cross-Chain Transfer Protocol with the aim of boosting its capabilities for handling large volumes of transactions and improving its ability to work seamlessly with other networks.

In a press announcement dated September 17th, sent to crypto.news, the Sui team announced that they will integrate USDC, enabling their network’s users and developers to utilize this stablecoin for diverse financial products tied to the digital dollar. These products range from decentralized finance, gaming, infrastructure networks, and e-commerce applications.

Sui plans to work with partner applications to move USDC liquidity from the bridged version to the native one over time. Meanwhile, Wormhole’s Bridge service will carry on functioning without interruption.

Sui

Circle to help builders deliver blockchain utility

Before the introduction of native USDC, the Ethereum-linked version will be renamed “wrapped USDC” in block explorers, a press release indicates. Nikhil Chandhok, Circle’s chief product officer, shows excitement about assisting Sui’s developer and user community, stating that Circle “aims to help more builders create blockchain-based utility and enhance efficient payment experiences on Sui, as well as other ecosystems.

The addition comes just a week after Grayscale opened its Sui Trust to qualified investors, providing exposure to Sui and other cryptocurrencies, and further expanding Grayscale’s product offerings.

Right now, Sui – a cryptocurrency that ranks as the 27th largest with a market cap of approximately $2.4 billion – has witnessed an uptick in its Value Locked (TVL). After experiencing a substantial decrease from $1.08 billion in May 2024 to around $516 million in early August, Sui’s TVL has surged past $700 million, placing it among the top 10 chains by TVL according to DefiLlama data.

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2024-09-17 09:32