Blockchain Sui to add support for native USDC

Sui will soon integrate native USDC and CCTP, increasing the blockchain’s liquidity and cross-chain transaction capabilities.

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

The integration will allow network users and developers to use USDC for a variety of digital dollar-backed financial products, including decentralized finance, gaming, decentralized physical infrastructure networks, and e-commerce applications, the Sui team said in a press release shared with crypto.news on September 17.

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

Sui

Circle to help builders deliver blockchain utility

Ahead of the native USDC launch, the Ethereum bridged version will be renamed “wUSDC” on block explorers, the press release states. Circle’s chief product officer Nikhil Chandhok expressed enthusiasm for supporting Sui’s developer and user community, saying that Circle will “help more developers deliver blockchain-based utility and contribute efficient payment experiences on Sui and other ecosystems.”

This addition comes just a week after Grayscale opened its Sui Trust to qualified investors, offering investments in Sui and other cryptocurrencies and further expanding Grayscale’s product offering.

Currently the 27th largest cryptocurrency with a market cap of $2.4 billion, Sui has seen a recovery in its total value locked. After a significant drop from $1.08 billion in May 2024 to $516 million in early August, Sui’s TVL has risen above $700 million, making it the 10th largest chain by total value locked, according to data from DefiLlama.