Sui Network, a prominent layer-1 blockchain, has announced the integration of native USD Coin (USDC) and the Cross-Chain Transfer Protocol (CCTP) to enhance its scalability and interoperability. This development is expected to significantly expand the utility of Sui’s ecosystem, particularly in decentralized finance (DeFi), gaming, decentralized infrastructure, and e-commerce sectors.
According to a press release shared on Sept. 17, with USDC integration, Sui Network will allow its users and developers to leverage the stablecoin for digital dollar-backed financial products. By providing access to native USDC, Sui aims to streamline liquidity management for projects operating within its ecosystem. Sui emphasized its intention to collaborate closely with ecosystem applications to gradually transition liquidity from bridged USDC to the native version, while still maintaining the Wormhole Portal bridge for smooth operations.
Circle’s Support for Sui Builders
Circle, the issuer of USDC, is also playing a key role in this initiative. Nikhil Chandhok, Circle’s chief product officer, expressed excitement about the collaboration, stating that the partnership with Sui will allow builders to deliver more blockchain-based utilities, creating a more efficient payment experience on Sui and other blockchain platforms.
In preparation for the transition, the Ethereum-bridged version of USDC will be renamed “wUSDC” on block explorers. This strategic shift ensures that Sui remains aligned with Circle’s broader cross-chain goals, making the integration of USDC more seamless for developers and users alike.
Just two days back, Circle partnered with Sony Block Solutions Labs to increase the adoption of USDC.
Sui Network’s Recent Momentum
This latest move comes shortly after Grayscale Investments opened its Sui Trust to qualified investors. The Trust provides exposure to Sui and other cryptocurrencies, expanding Grayscale’s portfolio and giving institutional investors more access to the network. This development has further fueled optimism around Sui Network’s growth prospects.
Sui has seen a resurgence in its total value locked (TVL) in recent months. After experiencing a drop from $1.08 billion in May 2024 to $516 million by early August, Sui’s TVL has now rebounded to over $700 million, making it the 10th largest blockchain in terms of TVL, according to data from DefiLlama.
Currently ranked as the 27th largest cryptocurrency by market capitalization, Sui’s token is trading at around $1.09, reflecting a 17% price increase over the past week, based on CoinMarketCap data.
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