Sui Blockchain Welcomes the USDC Stablecoin

The USDC stablecoin will be implemented in its native version on the Sui blockchain. The news was announced by Circle itself, the issuer of USDC.

Stablecoin USDC has been implemented in its native version on the Sui blockchain.

The news was announced by Circle itself, the issuer of USDC, with a post on its official Twitter profile.

In the post, they state that they are excited to announce the launch of native USDC on the Sui mainnet, and that it is now available to developers and users without the need for bridging.

They also add that Sui is the first blockchain built on the Move programming language to support native USDC, and that it currently features over 85 applications.

In reality, a “bridged” form of USDC, called wUSDC, already existed on Sui. It is a non-native token that represents USDC on Sui via Wormhole, but it is not issued by Circle, and it is not interoperable or redeemable with Circle Mint or Circle APIs.

For this reason, they have published a guide to migrate from the bridged stablecoin wUSDC to native USDC.

The integration of USDC will immediately enhance the utility and interoperability of Sui, both for users and developers, by adding liquidity to the blockchain, which will simplify transactions and improve the efficiency of the market throughout the ecosystem.

Moreover, the DeFi environment of Sui will provide a key foundation for USDC to continue its growth.

Specifically, the integration of native USDC on Sui will enable dApps on the chain to expand their reach and grow further, unlocking new opportunities across verticals, particularly within DeFi.

It is interesting to note that, unlike other young crypto, the trend of its market value does not appear to be purely speculative.

Of course, over the past twelve months, its volatility has been sustained, but not exaggerated, and the classic pump&dump scheme is not in sight.

Many consider this crypto project to be a serious one, not purely speculative or narrative-driven. In some ways, it resembles Solana, of which it could also become a direct competitor in the future.

As a reminder, the cryptocurrency SUI debuted on the crypto markets in May of last year, at about $1.4.

Until October 2023, the price did nothing but fall, even dropping below $0.37.

However, thanks to the last bull run, it began a strong recovery that brought its price close to $2.2 in March of this year.

The price subsequently fell back below $0.6, especially in August, but only to rebound again, particularly after mid-September, and now it has risen to almost $2.