As a seasoned analyst with years of experience in the crypto space, I find the integration of USDC stablecoin on Sui by Copper to be a strategic move that underscores the maturity and growing acceptance of decentralized finance (DeFi) solutions.
The digital asset custody and collateral management platform known as Copper now supports the USDC stablecoin on the Sui network, which is one of their latest integrations.
On December 5th, it was revealed that USDC (USD-backed stablecoin) has been integrated into the Sui (SUI) platform through their infrastructure. This means that Copper is among the initial digital asset custodians to facilitate USDC on the layer-1 blockchain network.
In October, Circle introduced native USDC (a stablecoin) on the mainnet of Sui, a blockchain network that uses the Move programming language. This move brings USDC’s liquidity to developers and users on this platform. Since it’s now native, there’s no need for bridged USDC. This means businesses can develop decentralized applications across various sectors like finance, gaming, infrastructure networks, and e-commerce without the complications of using bridges.
In their announcement, Copper emphasized that the ability to use USDC, a stablecoin, on the main network and secondary layers of Sui would offer a seamless user experience for handling this digital currency.
Adam VandenBoogaard, co-head of revenue Americas at Copper, stated that by adding USDC support on the Sui blockchain marks a significant move in fortifying our alliance with Sui. As we delve deeper into the potentials of stablecoins and Real-World Assets, we remain steadfast in bridging the institutional finance sector to the possibilities offered by the Sui Network.
The cost of Sui has soared to an unprecedented peak due to expansion within its DeFi, DePIN, and gaming platforms. On December 5th, the SUI token touched a never-before-seen price point of $4.40, symbolizing a rise of 110% in the last month and more than 560% over the past year.
Currently, the total value locked in DeFiLlama has surpassed $2 billion, standing at approximately $2.2 billion as of this moment. According to Jameel Khalfan, head of ecosystem development at Sui Foundation, the partnership with Copper is expected to propel the network’s growth even more.
Jameel pointed out that incorporating this asset into Copper’s premium custodial services would further boost Sui’s impressive expansion, making it an even more attractive choice for DeFi users.
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2024-12-05 22:40