Circle, the second largest stablecoin issuer USDC
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Plans to launch dollar-denominated tokens on Layer 1 blockchain Sui 
Sui
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According to Circle co-founder and CEO Jeremy Allaire, it could be launched as early as next week. The move comes amid a series of announcements from the stablecoin giant, including: MoviePass and USDC, which allow users to pay for subscriptions with cryptocurrency, are launching in Brazil and Mexico.
This is Circle’s 15th blockchain integration since launching USDC in partnership with Coinbase in 2018. The token is the sixth-largest cryptocurrency by market cap and circulating supply. According to the block, it’s $35 billion. Pricing Page.
SUI, the native token of the Sui Network, has risen more than 10% since the news and is currently trading at $1.15.
“Enabling USDC as a native asset on Sui is another important milestone in the maturation of the Sui ecosystem,” Adeniyi Abiodun, chief product officer at Mysten Labs, said in a statement. Adeniyi noted that the launch will help strengthen the network’s cross-chain and intra-chain capabilities.
Launched in 2023, Sui is a blockchain network built to run decentralized applications. The technology is largely derived from research and development done by Facebook (now Meta) for its failed Libra (later Diem) stablecoin project, and includes a custom programming language called Move (also used by competing network Aptos).
Circle will be launching USDC on Sui using the Cross-Chain Transfer Protocol, an on-chain platform for minting, burning, and transferring tokens across multiple blockchains.
“Apps built on CCTP can essentially teleport USDC from one blockchain to another, providing users with a highly secure and capital-efficient way to transact in a multi-chain world,” Circle says on its website’s information page.
Allaire said the USDC Sui testnet would launch on Tuesday, but data site Suiscan had not yet displayed the contract address at the time of publication.
Circle Reserve Fund, an SEC-registered government money market fund holding a portfolio of U.S. Treasury securities, intraday repurchase agreements, and cash, is managed by BlackRock and held by The Bank of New York Mellon, a Grant Thornton accredited firm.
On Sunday, Circle announced plans to scale USDC on Soneium, an Ethereum Layer 2 platform built jointly by Sony and Singapore-based Startale Labs.
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