{"id":7395,"date":"2024-09-17T14:24:06","date_gmt":"2024-09-17T14:24:06","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=7395"},"modified":"2024-09-17T14:24:06","modified_gmt":"2024-09-17T14:24:06","slug":"sui-to-launch-circles-native-usdc-and-cctp","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=7395","title":{"rendered":"Sui to Launch Circle\u2019s Native USDC and CCTP"},"content":{"rendered":"

[PRESS RELEASE \u2013 Singapore, Singapore, September 17th, 2024]<\/strong><\/p>\n

Announcement marks the first blockchain-based on the Move programming language to support these protocols.<\/em><\/p>\n

Sui<\/a>, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, has announced the upcoming native launches of USDC and Cross-Chain Transfer Protocol (CCTP) on the Sui Network. Issued through Circle\u2019s regulated entities, USDC is the largest regulated dollar-backed stablecoin in the industry with over a $35 billion market cap, as of September 17, 2024.<\/p>\n

CCTP is a permissionless on-chain utility that attests to USDC transfers securely between blockchains and aims to provide a more secure and capital-efficient way to transact with USDC across supported blockchains.<\/p>\n

Integrating native USDC and CCTP enhances Sui\u2019s utility, security and interoperability for users and developers, with the intent of bringing more liquidity to the network, streamlining transactions, and improving market efficiency across the ecosystem. Builders on Sui will soon be able to use native USDC in a multitude of digital dollar-backed financial products across a variety of use cases including DeFi, gaming, DePIN and ecommerce. Users can seamlessly send, spend and save with digital dollars.<\/p>\n

Additionally, Sui\u2019s thriving DeFi environment, according to DeFi Llama on September 17th, boasts almost $700 million in Total Value Locked (TVL), over $250 million in bridged USDC, and a top 10 ranking in weekly DEX trading volume, provides a key foundation for USDC to continue to scale.<\/p>\n

\u201cCircle is excited to support Sui\u2019s community of developers and end users with the upcoming availability of native USDC and CCTP,\u201d said Nikhil Chandhok, Chief Product Officer at Circle. \u201cCircle\u2019s open platform and permissionless protocols will help more builders deliver blockchain based utility and contribute to efficient payment experiences on Sui and across other ecosystems.\u201d<\/p>\n

Sui will collaborate with ecosystem apps to transition liquidity from bridged USDC to native USDC gradually, while Wormhole\u2019s Portal bridge will continue operating as usual. Before native USDC launches, the Ethereum-bridged USDC will be renamed \u201cwUSDC\u201d on block explorers, and ecosystem apps will be encouraged to update their UI and documentation accordingly.<\/p>\n

\u201cThe availability of USDC as a native asset on Sui marks yet another major milestone in the maturation of the Sui ecosystem,\u201d said Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, which developed the Sui Network. \u201cIn combination with USDC\u2019s first-class technology, native USDC gives the Sui community seamless access to one of the world\u2019s most trusted digital currencies and cements Sui as an industry leader.\u201d<\/p>\n

Just a little over a year since its mainnet launch, the integration of one of the industry\u2019s bedrock assets further underscores the Sui ecosystem\u2019s rapid evolution into an industry leader. The presence of multiple native stablecoins on Sui fuels a diverse, secure, and scalable platform for building the future of intelligent assets.<\/p>\n

The post Sui to Launch Circle\u2019s Native USDC and CCTP<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

[PRESS RELEASE \u2013 Singapore, Singapore, September 17th, 2024] Announcement marks the first blockchain-based on the Move programming language to support these protocols. Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, has announced the upcoming native launches of USDC and Cross-Chain Transfer Protocol (CCTP) on the Sui Network. Issued through Circle\u2019s regulated […]<\/p>\n","protected":false},"author":0,"featured_media":7396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7395"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7395"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7395\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7396"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}