The second largest stablecoin by market capitalization, USD Coin (USDC) is set to make its official debut on the layer -1 (L1) blockchain Sui network. In a Twitter post, the co-founder of Circle, Jeremy Allaire confirmed the upcoming launch, stressing that the development will expand the stablecoin’s support beyond 15 blockchains.
Don’t forget that Circle, a leading financial technology firm, is the issuer of the stablecoin. According to Allaire, the integration of USDC with the Sui blockchain will enhance its cross-chain appeal. This, according to reports, will be made possible through the aid of the Cross-Chain Transfer Protocol (CCTP). Notably, the CCTP stands out as a permissionless on-chain utility that seamlessly enables USDC transfers between blockchain networks through native burning and minting.
Meanwhile, Sui is popular as a cutting-edge layer 1 blockchain and smart contract platform. Developed in 2023, this blockchain fosters the development of web3 applications and functionalities.
Integration with Sui to expose USDC to a broader spectrum of investors
That being said, the seamless integration of native USDC and CCTP will elevate Sui’s ecosystem, increasing usability, security, and interoperability for both users and developers.
The co-founder and chief product officer at Mysten Labs, the developer of the Sui network, Adeniyi Abiodun has shared his thoughts on the latest development. According to him, the availability of USDC as a native asset on Sui signifies an important landmark for the blockchain.
According to Abiodun, the integration of USDC into Sui enhances its accessibility while strengthening Sui’s position as an industry leader. When completed, members of the Sui’s community will be able to maximize the USDC assets on the network.
Barely two weeks ago, the stablecoin issuer successfully also launched $USDC on Ethereum Layer2 networks, OP mainnet, and Base. With the launch, users can now purchase $USDC on Base and OP Mainnet through the Coinbase exchange. Similarly, it allows them to withdraw the stablecoin into their respective wallets.
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