jack anderson
October 8, 2024 17:31
USDC, the leading stablecoin, is now available on the Sui mainnet, enhancing liquidity and value transfer within the DeFi ecosystem as Sui’s TVL exceeds $1 billion.
According to the Sui blog, the Sui ecosystem has reached an important milestone with the introduction of native USD Coin (USDC) on the Sui mainnet. The integration of USDC, one of the most widely used stablecoins, will bring Sui’s decentralized finance (DeFi) total value lock (TVL) to exceed $1 billion while providing stable value transfers and increased liquidity.
USDC Integration and Benefits
The addition of USDC to Sui is poised to improve liquidity on the network, which is critical to the continued expansion of DeFi products. USDC’s presence is expected to pave the way for further growth opportunities, supporting Sui’s ambitions to shape the future of the decentralized internet.
Cross-chain transfer protocol
To enhance interoperability, Cross-Chain Transport Protocol (CCTP) will soon be available on the Sui network. This protocol facilitates the efficient movement of USDC between supported blockchains, providing greater composability and security for developers building on top of Sui.
Access USDC from Sui
Users can obtain native USDC on Sui through several methods. Circle Mint provides direct access to eligible businesses and distributors who have a Circle Mint account. Alternatively, users can exchange assets for USDC through Sui’s decentralized exchange (DEX) or purchase USDC on exchanges that support it, with Coinbase expected to join soon. It is important to note that wUSDC bridged on Sui should not be transferred to Circle, Coinbase, or any other centralized exchange that supports native USDC on Sui.
DeFi protocol support
Several DeFi protocols support USDC on Sui from the beginning, including 7k, Aftermath, Cetus, DeepBook, FlowX, Hop, Kriya, Navi Protocol, Suilend, Turbos, and Typus. This integration presents a significant opportunity for developers to integrate the largest regulated dollar-backed stablecoin into their products, potentially opening up new possibilities.
future prospects
The launch of native USDC on Sui is just the beginning of its potential impact. As the Sui ecosystem continues to grow, USDC is expected to play a pivotal role in unlocking new opportunities in DeFi, gaming, and commerce. Through cross-chain interoperability and a thriving ecosystem, Sui aims to set the stage for the next generation of decentralized innovation.
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