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- Circle’s USDC will soon be available on the Sui blockchain, enhancing DeFi liquidity and transaction efficiency for developers and users.
- Sui’s ecosystem now supports over 85 decentralized apps (dApps), positioning it as a significant player in the blockchain and DeFi sectors.
Circle has announced that its native stablecoin, USD Coin (USDC), will soon be available on the Sui blockchain, an advanced layer-1 (L1) network created specifically for decentralized apps (dApps).
Circle’s Cross-Chain Transfer Protocol (CCTP) will assist this integration by allowing for smooth USDC transactions across several blockchain networks. This move is expected to improve liquidity and transaction efficiency for developers, especially in the decentralized finance (DeFi) market.
Sui’s ecosystem, which has expanded significantly, now supports over 85 dApps, establishing it as a prominent participant in the blockchain market. Sui’s participation at USDC will help to strengthen its position in the DeFi sector, providing developers with greater flexibility and users with speedier transactions.
Circle Expands USDC Reach, Strengthening Sui’s DeFi Ecosystem and Growth
The addition of USDC to Sui is part of Circle’s overall effort to enhance its stablecoin’s exposure across numerous blockchain platforms. USDC is currently supported on over 15 networks, including popular platforms like Ethereum and Solana.
Circle’s latest addition reinforces USDC’s position as one of the world’s premier stablecoins. The connection provides users with a regulated, dollar-backed asset that allows for rapid transactions, making it an excellent tool for Sui’s expanding decentralized financial sector.
This step is likely to attract more developers and users to the Sui ecosystem, hence promoting its general growth and development.
Furthermore, Sui has already garnered substantial attention in the blockchain and technology industries. According to CNF, the world’s largest martial arts organization has announced plans to use Sui’s technology for its highly anticipated mobile game, ONE Fight Arena, which is being created in collaboration with Animoca Brands.
This highlights how Sui is becoming a go-to platform for a wide range of applications, including DeFi and gaming, increasing its appeal to both developers and users.
Beside that, Sui’s native token, SUI, has done exceptionally well in the market. CNF has reported that SUI has become one of the best performers over the previous week, increasing by 18% as open interest in the derivatives market reached an all-time high of $295 million.
Despite its impressive performance, the token has experienced some short-term swings. At the time of writing, SUI was trading around $1.17, up 2.84% over the last 24 hours and 32.05% in the last seven days.