Circle Launches USDC on Sui Network

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The CEO of USDC issuer Circle, Jeremy Allaire, has announced that USD Coin (USDC), the second-largest stablecoin by market capitalization, will soon be available on the layer-1 (L1) blockchain Sui network.

This expansion of Circle USDC’s support will add to the coin’s current presence on 15 different blockchain networks. The announcement was reposted by Sui network ambassador Stravia.sui111.sui on X on September 17.

Through the Cross-Chain Transfer Protocol (CCTP), USDC will now be natively supported on Sui, allowing for easier and more efficient transfers of the stablecoin between different blockchain networks.

The CCTP is a permissionless on-chain utility that enables USDC transfers through native burning and minting.

Sui, which was launched in 2023, is an L1 blockchain and smart contract platform designed to simplify and enhance the creation of decentralized applications and functions in the Web3 ecosystem.