š§ Sui Network Integrates Cross-Chain Transfer Protocol for USDC
Sui Network successfully integrated Circle's CCTP, allowing users to securely move their USDC across Sui and nine other blockchain networks.
Sui Network, aka Sui Bridge has succeeded in integrating Circleās Cross-Chain Transfer Protocol (CCTP), allowing users to securely move their USDC stablecoin across Sui and nine other blockchain networks.
This will significantly improve the interoperability and usability of USDC across multiple platforms.
Sui Networkās USDC Upgrade: Frictionless Transfers, Endless Possibilities
Sui Network has integrated Circleās Cross-Chain Transfer Protocol, which allows users to safely transfer the USDC stablecoin between Sui and eight other blockchain networks.
With the integration, USDC further improves its interoperability to become freely transferable across several blockchain platforms.
The CCTP currently supports secure, one-to-one USDC transfers on Sui, along with Arbitrum, Avalanche, Base, Ethereum, Noble, OP Mainnet, Polygon PoS, and Solana. This feature easily enables users to move USDC between different blockchain ecosystems without the stress of currency conversion. As it goes on cross-chain transfers, transaction fees for sending and receiving chains generate an effective transfer. Sui has been one of the biggest gainers in the last week, gaining over 30% in only one day.
The protocol works by using the native burn-and-mint mechanism: the original USDC gets burned on the source chain, while new native USDC is minted on the destination chain. This way, the value of the USDC will always stay pegged to the US dollar. This integration requires no third-party liquidity or fillers, thus guaranteeing high capital efficiency and minimizing trust assumptions.
CCTPās integration into Sui Bridge increases the utility of USDC, supporting a wide range of use cases across blockchain networks. For instance, developers can enable cross-chain onboarding for apps, users can withdraw $USDC on exchanges.