Circle Expands USDC to Sui Blockchain for Enhanced Liquidity
Circle announces USDC's deployment on the Sui blockchain, enhancing liquidity and cross-chain functionality, as Sui experiences a notable exchange rate increase.
Highlights:
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USDC to leverage Sui's cross-chain capabilities.
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Sui's exchange rate surged over 20% following the announcement.
In a significant move, Circle, the issuer of the second-largest stablecoin USD Coin (USDC), has announced plans to expand its native issuance of USDC and deploy its Cross-Chain Transfer Protocol (CCTP) on the layer-1 blockchain Sui.
The partnership between Circle and Sui is expected to boost liquidity in Sui's rapidly growing ecosystem and attract more users to the network. Sui, launched in 2023, has quickly gained attention for its simplicity and recent high-profile partnerships, including one with automaker DeLorean to bring innovation to the automotive industry.
Evan Cheng, co-founder and CEO of Mysten Labs, the company behind Sui, revealed the news in a post on X, formerly known as Twitter. The move aligns with Circle's strategy to support USDC on multiple blockchain networks, including Ethereum, Algorand, Arbitrum, Avalanche, Polkadot, Base, and Polygon.
USDC currently has a circulating supply exceeding $35 billion and is promoted by Circle as a compliant digital asset offering robust user protections. The addition of USDC to Sui's ecosystem is expected to enhance the network's cross-chain transaction capabilities and attract more developers to build on the platform.
The news has been well-received by the crypto community, with Sui's exchange rate rising more than 20% in the last week. As Circle continues to expand USDC's reach, the partnership with Sui is set to play a significant role in the stablecoin's growth and adoption.
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