According to Coingecko data, the SUI token is priced at $1.17, with a trading volume of $500 million in the past 24 hours, a 23-hour increase of 2.3%, and a 7-day increase of 28%, ranking first in the growth of tokens in the top 30 market capitalizations. Related reading: "SUI leads the crypto market: DeFi ecosystem explodes, Grayscale Trust supports, how many times can the price soar?"
The 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 cap, is set 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 stablecoin’s support beyond 15 blockchain networks. Allaire retweeted Sui network ambassador Stravia.sui111.sui’s 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 Sui’s usability, security, and interoperability for users and developers.
“The launch of USDC as Sui’s native asset marks another important milestone in the maturation of the Sui ecosystem,” said Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the developer of the Sui network. He added:
Combined with USDC’s world-class technology, native USDC provides the Sui community with seamless access to one of the world’s most trusted digital currencies and solidifies Sui’s 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 world’s 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.
