Circle’s USDC stablecoin to launch on Sui network
Circle’s USDC stablecoin is set to launch on the Sui network, a major development in the cryptocurrency space. According to Circle co-founder and CEO, USD Coin (USDC), the second-largest stablecoin by market cap, will be natively supported by the Sui network, a layer 1 (L1) blockchain.
The integration will be achieved through the Cross-Chain Transfer Protocol (CCTP), a permissionless on-chain utility that facilitates native burning and minting of USDC between blockchain networks, simplifying the asset transfer process. Since its launch in 2023, the Sui network has been committed to improving application and feature building in the Web3 ecosystem, with a model based on the Move programming language and supporting parallel transaction execution.
According to an announcement released by the Sui Foundation, the integration of native USDC with CCTP is expected to improve the usability, security and interoperability of the Sui network for users and developers. “The launch of USDC as Sui’s native asset marks an important milestone in the maturity of the Sui ecosystem,” said Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs.
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