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Stablecoin issuer Circle has unveiled the Cross-Chain Transfer Protocol for the Sui Network and its users. The protocol is now live on the mainnet, allowing Sui Network developers, as well as their users, to transfer USDC across nine different blockchains, including Ethereum and Solana.
Sui Network developers can onboard the cross-chain protocol for their applications to allow direct USDC deposits from different blockchains. The cross-chain protocol will also allow Sui Network users to meet withdrawal demand for the stablecoin on the user’s exchanges through a rebalancing process capped at 1:1.
Users will also accept payments in USDC for e-commerce stores and online marketplaces across different blockchain networks.
USDC cross-chain transfer now live on Sui Network
The Sui DeFi ecosystem is even more connected today thanks to @Circle’s CCTP 🤝
Cross-Chain Transfer Protocol enables $USDC to flow natively between chains, increasing liquidity and making the overall user experience on Sui even smoother. 😌 https://t.co/bBG0Sswfpw
— Sui (@SuiNetwork) December 17, 2024
The cross-chain protocol capitalizes on Circle’s security technology to run a native burn-and-mint process that secures the movement of USDC from one decentralized network to another. The burn and mint process burns the original USDC on the source chain and mints a new native USDC on the destination network. The mechanism allows the value of USDC to remain pegged to the U.S. dollar.
The mechanism eliminates third-party liquidity providers from the cross-chain process, increasing capital efficiency and minimizing trust assumptions. Sui Network users will not need any lock-up liquidity or rely on third parties to process inter-blockchain transfers.
The Cross-Chain Transfer Protocol will facilitate the transfer of USDC across nine blockchains, including Arbitrum, Avax, Base, Ethereum, Optimism, Polygon, Solana, Noble, and Sui. SUI token has been among the largest crypto gainers in the last seven days, with a 30% surge. According to data from CoinMarketCap, the digital asset has a market cap of $13.5 billion and a 24-hour trading volume of $1.5 billion.
The Sui ecosystem now supports 72 unique routes for USDC transfers, allowing many-to-many asset transfers between the supported blockchains. Circle has expanded its reach to boost stablecoin usage in the crypto ecosystem. Binance, the world’s largest exchange by trading volume, announced it had initiated a strategic collaboration with Circle Internet Group Inc. to boost global USDC usage and crypto adoption.
Circle’s USDC bridges multiple blockchain applications
The cross-chain protocol is now supported on various applications, wallets, bridges, and exchanges such as Wormhole, Sui Bridge, Portal, Router, Interport, Mayan, and Wanchain. Wormhole allows cross-chain protocol functionality through its embeddable widget, Wormhole Connect.
Wormhole Connect powers frictionless cross-chain asset transfers. The Sui Bridge embeds Wormhole Connect through the cross-chain protocol to facilitate easier USDC transfers through Wormhole Connect.
Portal, a multichain application for token transfers, supports CCTP through the Sui network. The application capitalizes on CCTP by integrating Wormhole Connect for fast and easy USDC transfers.
Interport also supports CCTP on Sui through its developer tools and cross-chain bridge. Mayan, a cross-chain auction protocol, also allows CCTP functionality and cross-chain bridging via Mayan Swap.
Wanchain, a cross-chain platform, offers CCTP through its WanBridge, therefore enabling devs to enhance their capabilities for cross-chain transfer.
The integrations boost further applications by powering more applications, wallets, exchanges, and other protocols. The cross-chain protocol, therefore, extends its USDC use cases to a variety of blockchain derivatives. More ecosystem apps like Bluefin, AlphaFiSUI, Ensofi, SuiLendProtocol, CetusProtocol, KriyaDEX, and Turbos_Finance have already gone live with CCTP routes for Sui.
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