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Circle announces native USDC on Sui Mainnet

Web3/Crypto

Jeremy Allaire, Circle CEO | Circle

By Crypto Republique

Oct 17, 2024

Circle has announced that Native USD Coin (USDC) is now available on the Sui Mainnet, accessible to developers and users without the need for bridging. Circle Mint and Circle Application Programming Interfaces (APIs) have been fully updated to support USDC on Sui.

According to a press release by Circle, the company has introduced native USDC on Sui, which is fully issued and redeemable by Circle at a 1:1 ratio for US dollars. In contrast, bridged USDC (wUSDC) on Sui originates from Ethereum via Wormhole and is not compatible with Circle’s Mint or APIs. Despite this incompatibility, it plays an important role in Sui's ecosystem growth. The upcoming Cross-Chain Transfer Protocol (CCTP) will allow native USDC transfers between blockchains, with Wormhole as a key partner.

Sui is described as a layer-1 blockchain designed to provide fast, secure, scalable, and affordable infrastructure for on-chain applications. It is the first blockchain based on the Move programming language to support native USDC, enabling developers to integrate the largest regulated dollar-backed stablecoin into their projects. This blockchain aims to support a wide range of decentralized applications across multiple industries.

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The press release further states that USDC on Sui supports various use cases, including decentralized finance (DeFi), gaming, and e-commerce. These are accessible through Circle Mint and APIs, allowing developers to build new financial products and apps. Individuals and businesses can use USDC for savings or create dollar-backed financial products. Circle offers an on-ramp for fiat to USDC conversions via Circle Mint, and developers can access open-source protocols to start building on Sui.

Circle is identified as a financial technology company known for developing USDC (USD Coin), a digital currency pegged to the US dollar at a 1:1 basis. The company collaborates closely with regulators to ensure that USDC meets and exceeds standards for stablecoins. According to Circle, its mission is to enhance global economic prosperity by facilitating frictionless value exchange through USDC.