SUI on a rampage amid USDC launch

Layer-1 blockchain Sui has been receiving continuous attention with the help of major launches on its network including the latest from USDC issuer Circle. Circle announced it will deploy its USDC stablecoin into the Sui blockchain.

The announcement also included the integration of Circle’s CCTP for cross-chain building among developers.

SUI gained about 15% on Wednesday as Circle announced the launch of USDC stablecoin with Cross-Chain Transfer protocol on the Sui blockchain.

Allaire Jeremy Circle, Chief Executive Officer stated that the USDC Sui Testnet just became active. The partnership makes Sui the first Move programming language-based blockchain to enable native USDC alongside CCTP integration.

The introduction of USDC on Sui is a noteworthy event. This stablecoin ranked second in the market capitalization rankings behind Tether (USDT), is intended to provide consistent value. In the DeFi sector, USDC is one of the most utilized digital assets, with over $25 billion in circulation.

More compatibility will be advantageous for Sui users because of this integration. This will make it easier to move assets across blockchains using the CCTP. This development boosts Sui’s competitiveness in the Web3 ecosystem

Sui, introduced in 2023, is notable for having a unique technical architecture. Move programming language serves as the foundation for its L1 blockchain model. This enables the execution of transactions in parallel. Sui is appealing because of this technical characteristic. Sui will be able to provide its consumers with improved usability and security thanks to the integration of USDC. This might hasten its acceptance throughout the world’s cryptocurrency community.

ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.

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