Circle, the company that makes USD Coin (USDC), is getting ready to add its well-known stablecoin to the Sui network. The addition of USDC to Sui, which is one of the biggest stablecoins by market value, makes it even more widespread across many blockchain networks. The Sui network’s Cross-Chain Transfer Protocol (CCTP) will directly accept the stablecoin, making it more useful and available to more people.
Jeremy Allaire, CEO of Circle, made the statement and said that this was a big step forward for both USDC and Sui. By using a process called “native burning and minting,” the connection through CCTP will make it easy to send USDC between blockchain networks. We think this new feature will make Sui safer and more compatible with other systems, making things easier for makers and users in its decentralized environment.
Sui is a Layer-1 blockchain that came out in 2023. Its goal was to make it easier to build decentralized apps (dApps) and to speed up and expand interactions. Its unique programming model, which is based on the Move language, makes it possible to run transactions in parallel efficiently. This gives Web3 writers a powerful platform.
By adding USDC, Sui is making itself a stronger player in the blockchain space and giving people access to a digital currency that they can trust. The launch of USDC is expected to lead to more action on the network and could strengthen Sui’s position as a leader in the field. Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, says that this is a big step forward for the Sui community because users can now use one of the most known digital currencies in the world.
Since its start in 2018, USDC has become one of the biggest stablecoins. It was first released on Ethereum and has since spread to more than 15 other blockchain networks. Sui’s addition to this list shows that Circle is still working to make USDC easy for many people in the decentralized finance (DeFi) area to reach and use.
Circle has been working on other projects to get more people to use USDC besides the Sui network connection. It recently joined forces with Sony Blocks Solution to add USDC to the Soneium blockchain, which is an Ethereum Layer-2 network.
Users and developers will benefit from a more safe and interconnected blockchain environment once USDC is built into Sui. This is another step toward making the banking system in the Web3 space more efficient and able to work with other systems.
