Layer 1 smart contract platform SUI Network (SUI) is surging after announcing plans to support stablecoin USDC.
Circle, the USDC issuer and payments platform, announced in a new blog post that in addition to adding USDC to the network, it will also be adding support for the Cross-Chain Transfer Protocol (CCTP), which will enable interoperability with other major blockchains.
“SUI allows developers to build apps for a variety of use cases, including DeFi, gaming, DePIN, and e-commerce. With the launch of native USDC, developers can build on the industry’s largest regulated dollar-backed stablecoin.
CCTP also allows developers to build cross-chain experiences by connecting Sui apps to additional blockchains, including Arbitrum, Base, Ethereum, Solana, and more. By eliminating the need to lock liquidity, CCTP provides a highly secure and capital-efficient way to transact with USDC on supported blockchains.”
According to Circle, CCTP will allow for secure transfers of USDC between nine different blockchains, including Ethereum (ETH), Solana (SOL), and Arbitrum (ARB), as well as allow developers to build decentralized applications (dApps) that conduct transactions on the Cosmos Network (ATOM), an interoperable blockchain.
SUI has surged since the announcement. The digital asset is trading at $1.18 at the time of writing, up 36% from its low of $0.867 on September 11.
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