New York, USA, October 9, 2024 - The Sui Foundation recently announced support for native USDC on the Sui network. As the first and top DeFi and liquidity protocol on Sui, NAVI announced that it will integrate Circle’s native USDC asset on DAY 1.
With $120 million in USDC liquidity, this constitutes the third-largest USDC supply in the industry, behind Aave and Compound. The integration of Circle’s USDC stablecoin directly into the Sui network increases capital efficiency and improves user experience across the ecosystem.
This move strengthens Sui’s position in the blockchain industry, improves user experience, and fully supports native USDC through NAVI, promoting wider adoption of the Sui ecosystem through a set of in-app migration functions and a capital-efficient native USDC liquidity pool, including native USDC liquidity support, flash loan functions and other features.
As more blockchain networks adopt USDC (the latest being Sui), permissionless composability drives rapid expansion of new applications and blockchain networks by leveraging existing open technologies.
Native USDC and bridged USDC on Sui
Bringing native USDC to the Sui network simplifies the transaction process and enhances liquidity within the ecosystem. Users can now access USDC directly on Sui, streamlining workflows and increasing overall value for participants.
Additionally, by adopting the Cross-Chain Transfer Protocol (CCTP), users can eliminate the delays typically associated with bridge withdrawals, establishing a new standard for blockchain efficiency.
Native USDC has distinct advantages over bridged USDC (wUSDC). Native issuance guarantees that the assets are fully reserved and can always be redeemed 1:1 for USD. This adds a layer of trust for developers and users who can rely on the integrity of the underlying assets.
Native USDC on NAVI
In order to provide the highest level of asset composability on the Sui network, the NAVI protocol will fully integrate native USDC as a lending liquidity pool. As part of a broader ecosystem initiative, NAVI aims to incentivize users to transition from bridging USDC to fully adopting native USDC.
NAVI Protocol is committed to providing the best lending experience, which includes the integration of native USDC, which is fully backed by the US dollar and redeemable at a 1:1 ratio. The upcoming migration plan is expected to accelerate the adoption of native USDC, thereby promoting the growth and improvement of the Sui DeFi ecosystem.
We will be publishing a comprehensive migration plan in the coming days outlining the steps required to achieve a seamless transition.
About Circle
Circle is building the largest and most widely used stablecoin network so that billions of people around the world can use digital dollars for payments and liquidity. The company currently manages the second largest stablecoin by market capitalization, USDC. It combines the power and stability of the dollar with the speed of the internet, laying the foundation for a new global decentralized financial system.
About NAVI Protocol
NAVI is the first liquidity protocol native to the Sui network. It aims to lay the foundation for chains based on the Move system and aspires to become the premier liquidity protocol in the Sui DeFi ecosystem.
