Circle issues USDC on Sui Network, which is native USDC

This is a positive for the lending protocol, because the USDC on the exchange can be withdrawn to the Sui chain, and the scale of funds has increased by an order of magnitude.

NAVI @navi_protocol

It is the first TVL protocol on SUI, including lending and SUI liquidity staking. They were very keen to see this benefit and supported the native USDC at the first time, attracting 18 million US dollars in 2 days.

Because the previous USDC was transferred from a cross-chain bridge, exchanges do not support withdrawals. Therefore, the scale of funds will be greatly limited. Now that SUI has native USDC, exchanges will gradually support it.

Now the APR of native USDC on NAVI is as high as 14%, which is like giving away money. There is also a way to earn higher returns. The idea is to pledge USDC on NAVI and borrow NAVX/SUI. Then go to bybit's launchpool, where the APRs are 121% and 25% respectively.

But please note that the exchange has not yet opened USDC deposits and withdrawals on SUI. Therefore, you need to use wormhole to cross the Ethereum chain to SUI, and then you can convert it with one click in NAVI. However, you need to consider the GAS of Ethereum, which also requires a little bit of trouble. Maybe it is because of this reason that the APR is so high now.