Circle, the company behind USDC, has launched its stablecoin on the Sui blockchain network to expand its reach and accessibility.
In a recent announcement, Circle announced that USDC, the second-largest stablecoin on the market, has launched natively on Sui Network, a development that not only represents a significant step forward for stablecoin adoption but also opens up new opportunities for developers and users of the blockchain ecosystem.
According to Circle, this integration will positively impact the future of digital finance, considering Sui's capabilities to create innovative applications on the blockchain.
The native connection between USDC and Sui Network
The arrival of USDC on the Sui mainnet marks a milestone in the evolution of the stablecoin, which is already recognized for its regulated backing in US dollars.
Circle noted that with this integration, developers now have the ability to access USDC liquidity without the need for blockchain bridges, simplifying the process of building decentralized applications (dApps). Additionally, the ease of access to USDC through Circle Mint and Circle APIs represents a significant improvement in user experience, enabling a more agile and efficient environment for the creation of new on-chain financial solutions.
As one of the most innovative Layer1 blockchains in the crypto ecosystem, Sui stands out from the rest of the projects with its fast, secure, and scalable infrastructure. Recognizing these capabilities, Circle noted that this blockchain offers an ideal environment for the development of applications focused on various areas, including decentralized finance (DeFi), Web3 gaming, and e-commerce.
The choice of the Sui network as the new chain to host USDC highlights the growing importance of this blockchain in the digital ecosystem. Currently, Sui is positioned among the top 20 cryptocurrencies in the market, with a capitalization of more than $5.170 billion.
Native USDC: Stability and transparency
One of the most notable features of the USDC implementation on Sui is that the stablecoin will now be natively issued on this blockchain by Circle, ensuring that it is fully redeemable 1:1 for US dollars. This is in contrast to “bridged” USDC or wUSDC, which is a version of USDC that has been ported from Ethereum via Wormhole. While wUSDC has been an integral part of USDC’s growth on Sui, the introduction of the stablecoin natively will provide developers with a more reliable foundation to build their applications on.
“Circle brings USDC natively to new blockchain networks to empower developers to build on a stable foundation they can trust”, assured the company.
The fact that USDC is natively available on Sui means that developers can rely on the stability and transparency offered by this stablecoin, as well as access its liquidity to create innovative financial products. Also, the arrival of native USDC on Sui promises to facilitate the migration of users and developers who currently use wUSDC, helping to consolidate USDC's presence in the crypto ecosystem.
New opportunities for blockchain developers
In addition to the benefits for users, the integration of USDC into Sui also opens up a range of opportunities for developers of the technology. With the backing of the second most capitalized stablecoin on the market, application creators can explore new ways to use USDC in their projects. This includes building DeFi applications that allow users to transact, lend and borrow, as well as implementing e-commerce solutions that facilitate the conversion of fiat to cryptocurrencies.
Circle Mint’s support for USDC on Sui allows developers to access tools that simplify the implementation of these functionalities in their applications. This means that regardless of a developer’s level of experience, they will be able to build on a solid and reliable foundation, which in turn fosters innovation within the Sui ecosystem.
