Sui Network will soon integrate native USDC and CCTP, boosting its blockchain’s liquidity and cross-chain transaction capabilities.

Sui Network to Integrate Native USDC and Cross-Chain Transfer Protocol

Sui Network, a layer-1 blockchain, is set to integrate native USD Coin (USDC) and the Cross-Chain Transfer Protocol (CCTP) in an effort to enhance its scalability and interoperability.

According to a press release on Sept. 17, the Sui team announced that the integration will allow the network’s users and developers to leverage USDC for various digital dollar-backed financial products. These include applications in decentralized finance (DeFi), gaming, decentralized physical infrastructure networks, and e-commerce.

Transition to Native USDC

Sui will collaborate with ecosystem applications to gradually transition liquidity from bridged USDC to native USDC. Meanwhile, Wormhole’s Portal bridge will continue to operate as usual.

Renaming of Ethereum-Bridged USDC

Prior to the launch of native USDC, the Ethereum-bridged version will be renamed “wUSDC” on block explorers. Circle’s chief product officer, Nikhil Chandhok, expressed enthusiasm about supporting Sui’s developer and user community. He stated that Circle will help more builders deliver blockchain-based utility and contribute to efficient payment experiences on Sui and across other ecosystems.

Recent Developments and Market Position

The addition of native USDC and CCTP comes just a week after Grayscale opened its Sui Trust to qualified investors. This move provides exposure to Sui and other cryptocurrencies, further expanding Grayscale’s product offerings.

Sui is currently the 27th largest cryptocurrency by market capitalization, with a valuation of $2.4 billion. The network has recently seen a rebound in its total value locked (TVL). After a significant drop from $1.08 billion in May 2024 to $516 million in early August, Sui’s TVL has increased to over $700 million. This makes it the 10th largest chain by total value locked, according to data from DefiLlama.

For more updates on Sui Network and other cryptocurrency news, stay tuned.

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