Circle USDC stable coin is launched on the Sui network

USD Coin (USDC), the second largest stablecoin by market capitalization is coming to the Layer-1 (L1) blockchain Sui Network, co-founder and CEO of the USDC Issuing Circle.

Circle CEO Jeremy Allaire announced the launch of USDC on the Sui network, expanding stablecoin support to more than 15 blockchain networks. Allaire took to X on September 17th to repost an ad to Sui Network Ambassador Stravia.sui111.sui.

Native USDC is launched by Sui via CCTP

As part of the new integration, USDC has been developed using the Swiss Cross-Chain Transfer Protocol (CCTP), a permissionless on-chain utility to allow USDC to be transferred natively between blockchain networks by burning and lifting.

In the year Launched in 2023, Sui is an L1 blockchain and smart contract platform that aims to simplify and improve the creation of applications and functions in the Web3 ecosystem. Its model is based on the Move programming language and enables parallel transaction execution.

According to the announcement shared by the Sui Foundation, the integration of native UDSC and CCTP is expected to increase Sui's usability, security, and interoperability for users and developers.

“The presence of USDC as a native asset in Sue is another important milestone in the maturation of Sue's ecosystem,” said Adeniyi Abiodun, co-founder and chief product officer of Miston Labs, the developer of Sue's network. He added:

“Combined with USDC's world-class technology, USDC's native Sui community provides seamless access to one of the world's most trusted digital currencies and strengthens Sui's industry leadership position.”

Cointelegraph reached out to Circle for comment on the launch of USDC on Sui but did not receive a response at the time of publication.

This is a developing story, and more information will be added as it becomes available.