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USD Coin ($USDC), one of the leading stablecoins, is now live on the Sui Mainnet. It is anticipated to offer greater efficiency of value exchange in Sui’s growing ecosystem. Adding $USDC to the Sui network is set to unlock new use cases on Sui, such as DeFi, gaming, and commerce, as Sui’s DeFi TVL tops the $1 billion mark.
ICYMI: $USDC has arrived on Sui!
— Sui (@SuiNetwork) October 11, 2024
⭐ Read all about this milestone partnership with @circle and what this new stablecoin is all about.
😎 We can’t wait to see the even brighter future $USDC unlocks for DeFi, gaming, commerce, and more.https://t.co/KvHPQeCLaA
Increased Stablecoin Liquidity
The launch of $USDC is particularly timely for Sui as the network seeks to develop and extend its capabilities. The planned stablecoin is expected to increase liquidity due to the increased DeFi activity on the platform. USDC gives users and developers a regulated dollar-backed asset that is fully integrated with the Sui ecosystem.
Furthermore, the Cross-Chain Transfer Protocol (CCTP) will soon launch on Sui. This protocol will allow for more seamless conversion between USDC across multiple blockchains, increasing developers’ utility in composability on Sui.
Users can access USDC on Sui in multiple ways. Businesses with Circle Mint accounts can redeem $USDC directly, while individual users can swap assets for USDC on Sui-based decentralized exchanges (DEXs). Coinbase is also expected to support USDC on Sui soon. Users should avoid sending bridged wUSDC to exchanges supporting native USDC.
DeFi Protocol Supports $USDC
Several DeFi protocols on Sui, including 7k, Aftermath, Cetus, and DeepBook, will support $USDC from day one. This integration allows developers and projects to leverage the stablecoin for more efficient transactions, expanding the potential use cases on the network.
With $USDC live on Sui, the network is poised for further growth. The combination of stablecoin liquidity and cross-chain interoperability will enable Sui to continue developing into a robust platform for decentralized applications.