Circle's USDC Stablecoin Arrives on Layer 1 Sui After Soneium

Jeremy Allaire, Circle CEO, announced this Monday the upcoming launch of USDC on the Sui blockchain. Layer 1 will become the 16th blockchain to host the stablecoin.

Layer 1 Sui will become the 16th blockchain to host Circle's USDC stablecoin, following its upcoming integration on the network.

This announcement comes just 24 hours after Circle unveiled its partnership with Sony to launch USDC on Soneium, its layer 2.

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As part of this integration, stablecoin will be natively supported on Sui via the Circle Cross-Chain Transfer Protocol (CCTP). Designed in 2023, this protocol allows users to transfer their USDC as easily as possible from one blockchain to another, avoiding blocking liquidity in traditional bridges.

Note that Sui will still allow its users to exploit the Wormhole bridge. For Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the entity responsible for developing Sui, the arrival of Circle’s stablecoin can only be beneficial for layer 1

The availability of USDC as a native asset on Sui marks another important milestone in the maturation of the Sui ecosystem. […] Combined with the CCTP protocol, the USDC stablecoin offers the Sui community seamless access to one of the world's most trusted digital currencies and consolidates Sui's position as an industry leader.

For his part, Nikhil Chandhok, Chief Product Officer at Circle, is delighted to support the Sui user community by offering its stablecoin and protocol

Circle's Open Platform and Permissionless Protocols will help more developers provide blockchain-based public services and will contribute to efficient payment experiences on Sui and across other ecosystems.

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