SUI rallies as Circle announces the launch of USDC on its network

• Circle announced plans to launch its $USDC stablecoin and CCTP protocol on the Sui chain.
• Sui becomes the first move-based chain to have native $USDC.
• $SUI is up over 14% in the past 24 hours, extending its monthly gains by more than 40%.

$SUI is up 14% on Wednesday as Circle announced that its $USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) will launch on the Sui blockchain.

$SUI surges following partnership with Circle

Layer-1 blockchain Sui has been gaining constant attention following big launches on its network, including the latest launch from $USDC issuer Circle.

Circle announced its plans to launch its $USDC stablecoin on the Sui blockchain on Tuesday. The announcement also included the integration of Circle's CCTP for cross-chain building among developers.

Circle CEO Jeremy Allaire mentioned that the $USDC Sui testnet went live in the past few hours. The partnership marks Sui as the first blockchain-based on the Move programming language to support native $USDC and CCTP. As a result, Ethereum-bridged $USDC tokens on the block explorer will be renamed as wUSDC ahead of the launch of native $USDC tokens on the network.

$SUI has risen over 14% in the past 24 hours following Circle's announcement. The token has seen a significant rally over the past month, with monthly gains climbing over 40%.

The uptrend dates back to September 6, when $SUI broke out from bearish pressures and outperformed most cryptocurrencies in the top 100 category.

Some reasons for Sui's remarkable rise include a notable upgrade to a Mysticeti consensus protocol, which enables faster transactions on its network, and the launch of a Grayscale Sui trust fund. DeFi activity on Sui has also grown in recent months, with its total value locked rising to $736 million, per DefiLlama data.