Circle has officially launched its USDC stablecoin on the Sui blockchain, providing developers with a powerful new tool for building applications within the Sui ecosystem. This marks a significant milestone as Sui becomes the first blockchain utilizing the Move programming language to support native USDC.
Navi Protocol, a lending platform with a total value locked (TVL) of $364 million, is the first to integrate USDC into its offerings.
New Opportunities for Developers
With USDC now available, developers can create a range of innovative applications, including U.S.-dollar-backed financial products, decentralized finance (DeFi) applications, and digital savings solutions. Additionally, Sui supports a bridged version of USDC known as wUSDC, which is transferred from Ethereum via Wormhole and Uniswap’s multichain protocol. However, bridged USDC is not issued by Circle and lacks compatibility with Circle Mint or Circle APIs.
The native USDC issued by Circle is redeemable 1:1 for U.S. dollars and can be accessed on both the mainnet and testnet of Sui. Bridged USDC is also available on the Sui mainnet.
Enhanced Cross-Chain Transactions
Wormhole has played a vital role in facilitating bridged USDC on Sui. With the upcoming Cross-Chain Transfer Protocol (CCTP), Wormhole will further empower developers and users to transfer USDC natively between blockchains. CCTP offers a secure and efficient method for cross-chain transactions, eliminating the need for liquidity lock-ups.
This integration will enable developers to connect their Sui applications seamlessly with other blockchains, including Arbitrum, Base, Ethereum, and Solana. A migration guide is available for developers looking to transition from bridged USDC to native USDC within their applications.
Growing Ecosystem Support
Circle anticipates that many leading applications in the Sui ecosystem will soon support native USDC for various use cases, including DeFi, gaming, decentralized physical infrastructure networks (DePIN), and e-commerce. Prominent projects like Cetus Protocol, Mysten Labs, and Suilend Protocol are expected to adopt native USDC. Additionally, USDC will soon be accessible on Coinbase.
Businesses and institutions can utilize Circle Mint and its APIs for seamless on/off-ramps for USDC on Sui, allowing for easy deposits and withdrawals while avoiding the costs associated with third-party bridging. USDC remains an open-source, permissionless protocol, allowing any application to send and store digital dollars.
With Sui’s integration, USDC is now natively supported on 16 blockchain networks, further solidifying its status as a leading stablecoin in the crypto space.
Sui’s Growth in DeFi
Sui is a Layer-1 blockchain built on a Proof-of-Stake (PoS) model, offering fast and cost-effective transactions through a method known as “transaction parallelization.” This approach enhances transaction processing efficiency and data organization.
Since its launch last year, Sui has seen remarkable growth, now ranking seventh in terms of TVL and surpassing established chains like Avalanche and Polygon. As of October 9, Sui’s TVL exceeds $1 billion, nearly tripling that of Cronos and surpassing Cardano’s by five times. The SUI token is currently valued at $1.91, reflecting a 106% increase over the past 30 days.
