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Cryptocurrency News Articles
Coinbase Adds USDC on Sui Network to Its Roadmap
Oct 08, 2024 at 11:49 pm
In an exciting development, Coinbase has announced the addition of USDC on the Sui network to its roadmap.
Cryptocurrency exchange Coinbase has announced the addition of USDC on the Sui network to its roadmap.
In a tweet on Friday, Coinbase shared an update to its roadmap, which showcases assets that Coinbase intends to list. The latest addition hints at the exchange’s upcoming listing of USDC on Sui.
Coinbase’s decision to list USDC on Sui comes amid growing demand for stablecoins, especially with the increasing adoption of digital currencies by both retail and institutional investors.
"Assets added to the roadmap today: USDC on Sui," reads the brief announcement.
The move comes as native USDC goes live on layer-1 blockchain and smart contract blockchain Sui Network. The SUI network is reportedly the first to support native USDC using the Move programming language. The stablecoin is officially issued by Circle and is redeemable 1:1 for U.S. dollars.
Circle brings USDC natively to new blockchain networks to empower developers and users; with the addition of Sui Network, USDC is now supported natively on 16 blockchain networks.
Bridged USDC arrives on Sui Network
As stated previously, native USDC is now live on Sui Network, according to a new announcement from Circle. However, there is also a "bridged" version of USDC on Sui, known as wUSDC. This is USDC that has been bridged from Ethereum using Wormhole.
It is important to note that bridged USDC (wUSDC) is not issued by Circle and cannot be used or redeemed with Circle Mint or Circle APIs.
Wormhole plays a crucial role in the growth of bridged USDC on Sui, which influenced Circle's decision to introduce native USDC to the Sui ecosystem. Wormhole will be a key integration partner for Sui's upcoming Cross-Chain Transfer Protocol (CCTP), enabling developers and users to move USDC natively between blockchains.
In the coming days, many leading ecosystem apps are expected to support native USDC on Sui Network for DeFi, gaming, DePIN and e-commerce, Circle's announcement noted.
Coinbase is yet to announce the exact date when USDC on Sui will be available on the exchange.
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