Sui Launches Native USDC

Layer 1 blockchain SUI announced on the 19th that it will launch USDC, a US dollar-based stablecoin, and CCTP, a cross-chain USDC transfer support function, on the SUI network.

With the launch of USDC and CCTP, Sui will further enhance usability, security, and interoperability. Developers operating on the Sui network will be able to use USDC in virtual asset-based financial products such as decentralized finance (DeFi), games, and decentralized physical infrastructure networks (DePIN). USDC will seek to expand based on Sui's active DeFi environment, which has recorded a total value locked (TVL) of over $600 million (approximately KRW 792 billion).



USDC is the largest US dollar-backed stablecoin issued by Circle’s management agency, with a market capitalization of over $35 billion (approximately KRW 46.508 trillion) as of the 17th. CCTP is an on-chain utility that supports USDC transfers between blockchains. It allows USDC transactions between various blockchains to be conducted in a safer and more efficient manner.

Sui is working with various ecosystem apps to enable liquidity transition from bridged USDC to native USDC. However, Wormhole’s portal bridge will continue to operate as is. Sui recommends that the name of Ethereum bridged USDC displayed on block explorers be changed to ‘wUSDC’ prior to the launch of native USDC and that ecosystem apps reflect the changed name.

“Circle’s open platform and decentralized protocol will enable more developers to build blockchain-based utilities and contribute to efficient payment experiences across the ecosystem, not just on Sui,” said Nikhil Chandhoak, Circle’s Chief Product Officer.

“Native USDC will further solidify Sui’s position by allowing the Sui community to use USDC without going through complex processes,” said Adeniyi Abiodun, co-founder and chief product officer (CPO) of Mistin Labs.

Reporter Kim Jeong-woo

woo@decenter.kr