USDC to be integrated into Sui layer-1 blockchain
USDC to be integrated into Sui layer-1 blockchain
USDC, the second-largest stablecoin by market capitalization, is set to expand its reach through integration with the Sui layer-1 (L1) blockchain.
Jeremy Allaire, CEO of Circle, the issuer of USDC, announced this development, stating that the stablecoin will now operate on Sui, according to TU Crypto News.
Initially, USDC will be supported on Sui via the Cross-Chain Transfer Protocol (CCTP), a utility designed to facilitate seamless transfers of USDC across blockchain networks. CCTP operates through a process of native burning and minting, offering a permissionless method for moving USDC between supported blockchains. The integration is expected to enhance Sui’s interoperability, security, and ease of use for both developers and end-users.
Launched in 2023, Sui is an L1 blockchain designed to simplify and optimize the creation of decentralized applications (dApps) and other Web3 functions. It utilizes the Move programming language, developed by Mysten Labs, and supports parallel transaction execution, which increases scalability and performance. This makes Sui an ideal platform for developers aiming to build efficient, scalable Web3 solutions.
The native support of USDC on Sui marks a significant milestone for both Circle and the Sui network. By incorporating USDC, one of the most trusted stable digital currencies, the Sui ecosystem can offer users and developers the ability to conduct transactions with a stable and reliable asset. This is particularly important for decentralized finance (DeFi) applications, where stablecoins like USDC are commonly used to hedge against volatility.
Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs, emphasized the importance of this integration. He explained that having USDC as a native asset on Sui represents a major step forward in the blockchain’s development. Abiodun noted that the combination of USDC’s proven technology with Sui’s advanced features provides the Sui community with seamless access to one of the world’s leading stablecoins, further solidifying Sui’s position as a key player in the evolving blockchain industry.
The integration of USDC into the Sui network is expected to drive broader adoption of the blockchain, particularly within the DeFi space. With its scalability, user-friendly interface, and now the inclusion of a stablecoin, Sui is well-positioned to strengthen its place in the competitive Web3 landscape.
As the blockchain ecosystem continues to expand, this partnership highlights the increasing demand for stable, interoperable digital assets like USDC to power decentralized applications and platforms.
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