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Lawrence Jengar Oct 08, 2024 12:45
Circle has introduced native USDC on the Sui blockchain, enabling seamless access to USDC liquidity without bridging. This development supports Sui's expanding ecosystem of over 85 applications.
Circle, the prominent fintech firm, has announced the launch of native USD Coin (USDC) on the Sui blockchain, facilitating direct access for developers and users to USDC liquidity without the need for bridging. This move is part of Circle's broader strategy to enhance stablecoin availability across multiple blockchain networks, according to circle.com.
About Sui Blockchain
Sui is a layer-1 blockchain that offers a fast, secure, and scalable platform for developers to build on-chain applications. It is the first blockchain utilizing the Move programming language to integrate native USDC, providing developers with the opportunity to work with the largest regulated dollar-backed stablecoin in the industry. As of October 2024, Sui's ecosystem boasts over 85 applications, covering various use cases such as decentralized finance (DeFi), gaming, and ecommerce.
Native vs. Bridged USDC
Circle's decision to introduce native USDC on Sui eliminates the need for bridging, offering a stable foundation for developers. Native USDC is issued directly by Circle and is redeemable on a 1:1 basis for US dollars. In contrast, the bridged version, known as wUSDC, is facilitated by Wormhole and is not directly issued by Circle. This distinction is crucial for developers and users who require compatibility with Circle's Mint and APIs.
Integration and Future Developments
The integration of native USDC with Sui is expected to spur innovation within the ecosystem. Circle is collaborating with Sui, Mysten Labs, and Wormhole to ensure a smooth transition from wUSDC to native USDC. The upcoming Cross-Chain Transfer Protocol (CCTP) will further enhance interoperability, allowing seamless native USDC transfers across different blockchains.
Expanding Use Cases
With the availability of USDC on Sui, exchanges, digital wallets, and institutional traders now have more options to build dollar-backed financial products. Developers can create innovative DeFi applications, such as Cetus, Navi Protocol, and Suilend, tapping into the growing demand for digital financial solutions. Additionally, individuals can hold savings in digital dollars, bypassing traditional banking systems.
USDC is set to be live on Coinbase soon, providing more avenues for users to engage with the stablecoin.
Getting Started
Businesses can access on/off-ramps for converting fiat currency to USDC on Sui by applying for a Circle Mint account. Developers interested in building with USDC on Sui are encouraged to explore Circle's open-source, permissionless protocol through the available developer documentation.
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