Circle is launching its USDC stablecoin on the Layer 1 blockchain Sui, The Block reported. This marks Circle’s fifteenth network integration since launching USDC in 2018.
Circle, the second-largest stablecoin issuer, plans to launch a dollar-denominated token on the Layer 1 blockchain Sui as early as next week, Circle co-founder and CEO Jeremy Allaire said on Tuesday. The move comes amid a flurry of announcements from the stablecoin giant, including an integration with MoviePass that enables users to pay for subscriptions with cryptocurrency, and news that USDC is live in Brazil and Mexico.
This is Circle’s fifteenth blockchain integration since launching USDC through a joint partnership with Coinbase in 2018. According to Blockchain’s price page, the token is the sixth-largest cryptocurrency with a market cap and circulating supply of $35 billion.
Sui Network’s native token, SUI, gained more than 10% following the announcement and is currently trading at $1.15.
“The availability of USDC as a native asset for Sui marks another important milestone in the maturation of the Sui ecosystem,” said Adeniyi Abiodun, chief product officer at Mysten Labs, in a statement. Adeniyi noted that the launch will help enhance the network’s cross-chain and intra-chain capabilities.
Sui, launched in 2023, is a blockchain network built to run decentralized applications. Its technology is largely derived from Facebook (now Meta)'s research and development on its failed Libra (later changed to Diem) stablecoin project, including its specialized programming language Move (which is also used by competing network Aptos).
Circle will launch USDC on Sui through its Cross-Chain Transfer Protocol (CCTP), an on-chain platform for minting, burning, and transferring tokens across different blockchains.
“Applications built on CCTP can essentially teleport USDC from one blockchain to another, providing users with a highly secure and capital-efficient way to transact in a multi-chain world,” Circle said on an information page on its website.
Allaire said the USDC Sui testnet will go live on Tuesday, but data site Suiscan did not yet display the contract address at the time of publication.
The Circle Reserve Fund is an SEC-registered government money market fund that holds a portfolio of U.S. Treasuries, overnight repurchase agreements, and cash, is held at Bank of New York Mellon, managed by BlackRock, and audited by Grant Thornton.
On Sunday, Circle announced plans to scale USDC on Ethereum’s second layer Soneium, a project co-created by Sony and Singapore-based Startale Labs.
