Circle Announces Partnership with Layer-1 Sui, Bringing Native USDC to the Network
Circle Will Integrate USDC onto Sui
Stablecoin rivals Tether and Circle are racing to expand their influence. While Tether monopolizes 75% of the stablecoin market share, USDT reaches record balances on exchanges , Circle is also taking the opportunity to bring USDC to many different blockchain networks.
Just yesterday, September 16, Circle partnered with Sony to extend USDC on layer-2 Soneium , and today, September 17, CEO Jeremy Allaire announced a new integration.
BREAKING: @jerallaire announces Circle bringing $ USDC to @SuiNetwork !! pic.twitter.com/pHJy5cJkVm
— Jameel. Sui (@jameellionaire) September 17, 2024
Specifically, within the framework of the TOKEN2049 event taking place in Singapore, CEO Cirlce announced a partnership with Layer-1 Sui to bring USDC to this blockchain.
With this, Sui also becomes the 16th network that USDC has set foot on, alongside Algorand, Arbitrum, Avalanche , Celo, Ethereum, Hedera, NEAR, Noble, OP Mainnet and Base , Polkadot, Polygon PoS, Solana, Stellar , and ZKsync.
Networks that USDC is present on. Source: USDC
Meanwhile, Layer-1 Sui is witnessing a period of explosive growth, both in terms of TVL and ecosystem developments. In terms of TVL, Sui is currently the 9th blockchain in the market with a total value locked, with nearly 700 million USD. In the past month, Sui 's TVL has increased by nearly 18%.
Source: defillama
Sui price is currently hovering around $1.1, up 17% in 7 days and nearly 29% in the past month.
1h chart of Sui/ USDT pair on Binance exchange at 02:20 PM on 09/17/2024
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