Sui network to launch native USDC via NAVI protocol

The Sui Foundation announced that Circle’s USDC stablecoin will be available natively on the Sui network, and the NAVI Protocol is set to integrate the asset from day one.

This integration, shared with crypto.news via press release, is backed by $120 million in USDC liquidity and marks the third-largest USDC (USDC) supply in the industry, behind Aave (AAVE) and Compound (COMP). NAVI is the primary decentralized finance and liquidity protocol on Sui.

The update improves the Sui (SUI) ecosystem by increasing liquidity and improving user experience. “Native USDC” refers to a stablecoin issued directly on a blockchain, as opposed to “bridged USDC” that relies on third-party networks to connect different blockchains.

Local assets are fully supported and can be exchanged for US dollars, increasing users’ trust and efficiency.

Integration details

With this integration, Sui’s network benefits from increased capital efficiency. NAVI will introduce features such as flash loans and liquidity support, while also encouraging users to switch from bridged USDC to native USDC, providing a seamless lending and borrowing experience.

Sui’s adoption of USDC aligns with the broader trend of permissionless composability, where blockchain technologies build on each other to create more efficient applications. This also makes cross-chain transactions faster and simpler, eliminating the delays often seen in bridges.

According to the publication, NAVI will share a user migration plan in the coming days that outlines how the transition from bridged USDC to native USDC will be handled and further develops the Sui DeFi ecosystem.