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Based on Tuesday’s comments by Circle co-founder and CEO Jeremy Allaire, the issuer of the second-largest stablecoin intends to introduce a dollar-denominated token on the Layer 1 blockchain Sui early next week. Along with news that USDC is live in Brazil and Mexico and announcements for the stablecoin behemoth, including an integration with MoviePass allowing users to pay for subscriptions with crypto, the move was accompanied by
Since introducing USDC via a joint venture with Coinbase in 2018, Circle’s fifteenth blockchain integration is already underway. With a market valuation and circulation supply of $35 billion, the token ranks sixth among all the cryptocurrencies. Originally the Sui network’s native coin, SUI is now trading for $1.15 after rising over 10%.
“The availability of USDC as a native asset on Sui marks another important milestone in the maturities of the Sui ecosystem,” Chief Product Officer of Mysten Labs Adeniyi Abiodun stated in a statement. Adeniyi observed that the launch will support the cross- and intra-chain capability of the network.
Launched in 2023, Sui is a blockchain network designed for distributed application operating capability. Its technology mostly results from research and development carried out at Facebook (now Meta) for its unsuccessful Libra (later, Diem) stablecoin project, including its custom programming language dubbed Move, also used by competitor network Aptos.
Using its Cross-Chain Transfer Protocol, an on-chain platform for minting, burning, and token transfer on many blockchains, Circle will introduce USDC on Sui.
On an information page on its website, Circle said, “Apps built on CCTP can essentially teleport USDC from one blockchain to another, providing users with a highly secure and capital-efficient way to transact in a multi-chain world.”
Though data portal Suiscan does not yet show a contract address at the time of writing, Allaire indicated the USDC Sui testnet would go operational Tuesday.
Custodied at The Bank of New York Mellon, managed by BlackRock and attested for by Grant Thornton, The Circle Reserve Fund is an SEC-registered government money market fund comprising U.S. Treasurys, overnight repurchase agreements, and cash.
On Sunday, Circle revealed intentions to expand USDC on the Ethereum Layer 2 Soneium, a joint venture between Sony and Startale Labs based in Singapore.
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