USD Coin (USDC), the second-largest stablecoin by market capitalization, is coming to the layer-1 (L1) blockchain Sui network, according to the co-founder and CEO of USDC issuer Circle.
Circle CEO Jeremy Allaire has announced the upcoming launch of USDC (USDC) on the Sui network, expanding the stablecoin’s support beyond 15 blockchain networks. Allaire took to X on Sept. 17 to repost the announcement by Sui network ambassador Stravia.sui111.sui.
Source: Stravia.sui111.sui
Native USDC to launch on Sui through CCTP
As part of the new integration, USDC will become natively supported on Sui through the Cross-Chain Transfer Protocol (CCTP), a permissionless on-chain utility that facilitates USDC transfers between blockchain networks via native burning and minting.
Launched in 2023, Sui is an L1 blockchain and smart contract platform that aims to simplify and improve the creation of applications and functions in the Web3 ecosystem. Its model is based on the Move programming language and enables parallel transaction execution.
The integration of native UDSC and CCTP is expected to increase Sui’s usability, security and interoperability for users and developers, according to an announcement shared by the Sui Foundation.
“The availability of USDC as a native asset on Sui marks another important milestone in the maturation of the Sui ecosystem,” said Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the developer of the Sui network. He added:
“Combined with USDC’s world-class technology, the native USDC provides the Sui community with seamless access to one of the world’s most trusted digital currencies and solidifies Sui’s position as an industry leader.”
Cointelegraph approached Circle for a comment regarding the USDC launch on Sui but did not receive a response at the time of publication.
USDC stablecoin natively runs on 15 blockchains
USDC is a major stablecoin, a type of cryptocurrency designed to retain stable value by being pegged to a reference value like the US dollar.
The digital currency was launched by Circle and the US crypto exchange Coinbase in 2018 and has since emerged as one of the biggest stablecoins in the world, second only to Tether (USDT).
Top six stablecoins by market capitalization. Source: CoinGecko
Related: USDC issuer Circle announces HQ move to New York ahead of IPO
After debuting as an ERC-20 token on the Ethereum blockchain, USDC has expanded native support to 15 blockchain networks, including Algorand, Celo, Hedera, Polkadot, Solana and others.
On Sept. 15, Circle announced plans to expand USDC on the Soneium, an Ethereum layer-2 network developed by Sony Block Solutions Labs, which is a joint project between the Japanese tech conglomerate Sony Group and Singapore-based Startale Labs.
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