Circle launches native USDC on Sui blockchain

Circle, a prominent fintech company, announced the launch of native USD Coin (USDC) on the Sui blockchain. This gives developers and users direct access to USDC liquidity without bridging. According to Circle.com, the move is part of Circle’s broader strategy to improve stablecoin availability across multiple blockchain networks.

Introduction to Sui Blockchain

Sui is a layer 1 blockchain that provides a fast, secure, and scalable platform for developers to build on-chain applications. It is the first blockchain to integrate native USDC utilizing the Move programming language, giving developers the opportunity to work with the largest regulated dollar-backed stablecoin in the industry. As of October 2024, Sui’s ecosystem boasts more than 85 applications covering a variety of use cases including decentralized finance (DeFi), gaming, e-commerce, and more.

Native vs. Bridged USDC

Circle’s decision to introduce native USDC on Sui provides a stable foundation for developers by eliminating the need for bridging. Native USDC is issued directly by Circle and is redeemable 1:1 with the US dollar. In contrast, the bridge version known as wUSDC is backed by Wormhole and is not issued directly by Circle. This distinction is very important for developers and users who need compatibility with Circle’s Mint and API.

Integration and future development

The integration of native USDC with Sui is expected to foster innovation within the ecosystem. Circle is working with Sui, Mysten Labs, and Wormhole to ensure a smooth transition from wUSDC to native USDC. The upcoming Cross-Chain Transfer Protocol (CCTP) will further improve interoperability, enabling seamless native USDC transfers across multiple blockchains.

Expand your use cases

With the availability of USDC on Sui, exchanges, digital wallets, and institutional traders now have more options to build dollar-backed financial products. Developers can meet the growing demand for digital financial solutions by developing innovative DeFi applications such as Cetus, Navi Protocol, and Suilend. Additionally, individuals can save with digital dollars, bypassing the traditional banking system.

USDC will soon launch on Coinbase, giving users more ways to participate in the stablecoin.

Getting started

Businesses can apply for a Circle Mint account to access the on/off ramp for converting fiat to USDC in Sui. Developers interested in building with USDC on Sui are encouraged to explore Circle’s open source, permissionless protocol through the available developer documentation.

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