USD Coin to Launch on Sui Blockchain with Cross-Chain Transfer Support

USD Coin (USDC), the second-largest stablecoin by market cap, is set to integrate with the Sui blockchain, as announced by Circle's CEO Jeremy Allaire.

USDC will be natively supported on Sui through the Cross-Chain Transfer Protocol (CCTP), an open, on-chain tool that enables seamless transfers of USDC between different blockchains via a process of burning and minting.

Sui, a layer-1 blockchain platform launched in 2023, aims to enhance Web3 application development with its Move programming language and support for parallel transactions.

The integration of USDC and CCTP is anticipated to boost Sui’s functionality, security, and interoperability, according to the Sui Foundation. Adeniyi Abiodun of Mysten Labs, the developer behind Sui, noted that this addition is a significant step in Sui’s evolution and enhances its appeal with USDC’s established reputation.

USDC, which debuted on Ethereum as an ERC-20 token, now supports 15 blockchains, including major networks like Algorand, Solana, and Polkadot. Circle also recently announced plans to extend USDC to the Soneium network, an Ethereum layer-2 developed in collaboration with Sony Group and Startale Labs.