2024-10-8 18:16 |
Sui, the cutting-edge Layer 1 blockchain known for its unparalleled performance and limitless horizontal scaling, has teamed up with Circle, the issuer of USDC, to announce the launch of native USDC on the Sui Network. This integration empowers Sui users with seamless access to a leading stablecoin as a native asset on the network, eliminating the complexities and risks associated with bridged assets.
Introducing native USDC on Sui marks a significant advancement for users, offering improved liquidity and security via direct on-chain representation. This innovation removes the necessity for bridging USDC and relying on external bridges, streamlining the user experience. This shift mitigates the risks tied to traditional lock-and-mint bridges, delivering a more secure environment for asset transfers.
The forthcoming integration of the Cross-Chain Transfer Protocol (CCTP) will revolutionize how USDC moves across various blockchains. This advancement will empower users to transfer their assets quickly and securely between networks, including Sui, enhancing the overall interoperability of digital assets. The recent advancements present substantial prospects for decentralized finance (DeFi) applications on the Sui Network. Protocols can now utilize native USDC, leading to better liquidity, minimized friction, and an overall enhanced user experience.
“Sui’s integration of native USDC will bring tremendous benefits to developers and users alike,” said Jameel Khalfan, Head of Ecosystem Development at Sui Foundation. “Native USDC grants the Sui community easy access to one of the world’s most stable digital currencies, and the opportunities it unlocks for the ecosystem are endless.”
On launch day, several protocols on Sui are set to integrate native USDC, including Aftermath Finance, Cetus, DeepBook, FlowX, Hop, Kriya, Navi Protocol, Scallop, Suilend, Sui Wallet, Turbos, Typus, and 7K. Many of these platforms will facilitate swaps from bridged USDC to the newly introduced native token.
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