Circle’s USDC stablecoin will now be natively available on the Sui network.
This integration, announced via separate press releases by Circle & the Sui Foundation, is expected to strengthen the Sui ecosystem by increasing liquidity and improving the overall user experience.
Previously, Sui network users had access to a “bridged” version of USDC, known as wUSDC, which was transferred from Ethereum via Wormhole. However, Circle noted that its decision to issue native USDC directly on the blockchain was partly driven by the growth of the bridged USDC and the role Wormhole played in it.
Meanwhile, NAVI, a DeFi protocol which boasts $120 million in USDC liquidity on the Sui network, will play a key role in this development. The protocol’s team has announced plans to introduce new features, such as flash loans and enhanced liquidity support, to leverage the integration. Additionally, the protocol aims to facilitate a seamless transition for users from bridged to native USDC, and a migration plan is expected to be released soon.
According to the Sui Foundation, other DeFi protocols on the blockchain that have also integrated USDC into their offerings include 7k, Aftermath, Cetus, DeepBook, FlowX, Hop, Kriya, and Turbos.
This development aligns with Circle’s ongoing efforts to expand USDC adoption across various blockchain platforms and enhance the utility of its stablecoin in the decentralized economy.
The stablecoin issuer recently partnered with Sony Block Solutions Labs to introduce USDC to Soneium, the Japanese tech giant’s newly launched public Ethereum Layer 2 blockchain. The partnership integrated and established bridged USDC as a primary token for value exchange on the platform. Circle emphasized that this integration will facilitate seamless and secure transactions that support Soneium’s design goals to serve various industries and drive a global decentralized economy.
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