Circle’s Own USDC Now Launched on Sui Network – A Game Changer in the Metaverse
In Brief
Circle has officially rolled out its exclusive USDC on the Sui network, allowing users and developers to engage without any bridging hassles.
A leading global fintech entity and stablecoin provider Circle has unveiled its native USDC on the Sui Mainnet , granting developers and users seamless access without the need for bridging. Additionally, Circle Mint and Circle APIs now offer comprehensive support for USDC on Sui, making it easier to tap into USDC liquidity while benefiting from Sui’s rapid and secure capabilities.
Sui represents a Layer 1 blockchain offering a robust, scalable, and efficient infrastructure for developers working on blockchain applications. Notably, it's the first blockchain to use the Move programming language while supporting native USDC. With USDC's launch, developers can access the premier regulated dollar-pegged stablecoin in the industry.
As a versatile blockchain, Sui empowers businesses and developers to craft applications for an array of purposes, such as decentralized finance (DeFi), gaming, decentralized physical infrastructure networks (DePIN), and e-commerce. As of October, Sui's ecosystem has surged to over 85 applications, highlighting its rapid advancement. The Move language underpins Sui, equipping entrepreneurs and developers with effective tools for managing digital assets, including cryptocurrencies and NFTs.
Circle is expanding the availability of native USDC across new blockchain platforms, offering developers a dependable and stable foundation to build their projects. This stablecoin, issued by Circle, can be redeemed one-to-one for US dollars.
On the Sui blockchain , there also exists a “bridged” version called wUSDC, which refers to USDC transitioned from Ethereum via Wormhole. However, wUSDC is not formally issued by Circle and cannot be redeemed through Circle Mint or Circle APIs.
Wormhole has been instrumental in the growth of bridged USDC on Sui and has significantly influenced Circle’s choice to introduce native USDC within this network. Looking ahead, the Cross-Chain Transfer Protocol (CCTP) on Sui will rely on Wormhole as an essential integration partner, allowing seamless USDC transfers across different blockchain networks, as emphasized by the company.
The Launch of USDC on Sui is Set to Open New Possibilities
Now, various exchanges, digital wallets, institutional traders, and developers can engage with USDC on the Sui blockchain via Circle Mint and Circle APIs, catering to numerous applications. These range from creating dollar-pegged financial products to developing innovative DeFi solutions and providing a mechanism for holding savings in digital dollars without necessitating a conventional bank account. Additionally, USDC on Sui will soon find its way to Coinbase.
Circle operates as a financial services and payment facilitator with a central focus on blockchain technology, enabling businesses, regardless of their size, to capitalize on digital currencies and public blockchains for global transactions, commercial activities, and a plethora of financial ventures.
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