Original title: "SUI leads the way! With an increase of 28%, Circle plans to introduce USDC to the Sui network, accelerating the arrival of the cross-chain era"
Original author: Alvis, MarsBit
Editor's note: SUI has recently risen by more than 40%, which has attracted attention. Yesterday, the TVL of the Sui network exceeded US$1 billion, setting a record high. Today, SUI has even broken through US$1.4, and is temporarily reported at US$1.441 at press time. Why is SUI suddenly leading the market? There are actually traces of all this. On September 12, Grayscale announced the launch of the Grayscale SUI Trust Fund, which is officially open to qualified investors. On September 18, Binance launched the SUI coin-based perpetual contract. At the same time, the UDSC stablecoin will soon be natively supported on the Sui network through the cross-chain transfer protocol. With so many positive factors, the long-term potential of SUI is worth looking forward to.
According to CoinGecko data, the SUI token is $1.17, with a trading volume of $500 million in the past 24 hours, a 2.3% increase in 23 hours, and a 28% increase in the past 7 days, ranking first in the token growth among the top 30 in market value. Related reading: "SUI leads the crypto market: DeFi ecosystem explodes, Grayscale Trust supports, how many times can the price soar?"
UDSC stablecoin will soon be natively supported on the Sui network via the cross-chain transfer protocol
USD Coin (USDC), the second-largest stablecoin by market capitalization, is about to land on the Layer 1 (L1) blockchain Sui Network, according to the co-founder and CEO of USDC issuer Circle.
Circle CEO Jeremy Allaire announced the upcoming launch of USDC on the Sui network, expanding the stablecoinâs support beyond 15 blockchain networks. Allaire retweeted Sui network ambassador Stravia.sui111.suiâs announcement on X on September 17.
Native USDC will be launched on Sui via CCTP
As part of the new integration, USDC will be natively supported on Sui through the Cross-Chain Transfer Protocol (CCTP), a permissionless on-chain utility that facilitates USDC transfers between blockchain networks through native burning and minting.
Sui, launched in 2023, is an L1 blockchain and smart contract platform designed to simplify and improve the creation of applications and features in the Web3 ecosystem. Its model is based on the Move programming language and supports parallel transaction execution.
According to an announcement released by the Sui Foundation, the integration of native UDSC and CCTP is expected to improve Suiâs usability, security, and interoperability for users and developers.
âThe launch of USDC as Suiâs native asset marks another important milestone in the maturity of the Sui ecosystem,â said Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the developer of the Sui network. He added:
Combined with USDCâs world-class technology, native USDC provides the Sui community with seamless access to one of the worldâs most trusted digital currencies and solidifies Suiâs position as an industry leader.
USDC stablecoin runs on 15 blockchains
USDC is a major stablecoin, a cryptocurrency that maintains a stable value by being pegged to a reference value such as the U.S. dollar.
The digital currency was launched in 2018 by Circle and U.S. cryptocurrency exchange Coinbase and has become one of the worldâs largest stablecoins, second only to Tether.
The top six stablecoins by market capitalization. Source: CoinGecko
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 more.
On September 15, Circle announced plans to scale USDC on Soneium, an Ethereum layer 2 network developed by Sony Block Solutions Labs, a joint project between Japanese tech conglomerate Sony and Singapore-based Startale Labs.
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