Token

DeFi

USDC

<h4>The Sui Network is on fire during “Suitember”. Whilst the rest of crypto hangs worn out in a corner of the ring during September, the Sui Network is thriving. During Token 2049 in Singapore they bring us some great news.</h4> 
Circle announced that native <a href="https://www.altcoinbuzz.io/?s=usdc" target="_blank" rel="noopener">$USDC</a> will be on the Sui Network. This ended a long-awaited rumor treadmill. Having native $USDC on Sui gives plenty of advantages to the network. So, let’s dig in and see what this means for the Sui Network. 
<h5>Native $USDC on the Sui Network</h5> 
Having native $USDC on the Sui Network is a big deal. Not to mention that $USDC is the largest regulated dollar-backed stablecoin in crypto. Since the announcement on 17th September, $USDC is already live on the Sui testnet. So, soon you can expect $USDC to be live on mainnet. This move has quite some positive effects for the Sui ecosystem. For example, 
<ul> 
 <li>There’s no need to bridge it over anymore. Soon, you can straight buy it in the Sui Network. Any Sui DEX or CEX will have it at the ready for you.</li> 
 <li><a href="https://www.altcoinbuzz.io/category/defi/" target="_blank" rel="noopener">DeFi</a> on Sui will get a positive impulse. With only 40 protocols, Sui takes already 9th spot of all chains in TVL on <a href="https://defillama.com/chains" target="_blank" rel="noopener">DeFiLlama</a>. Having native $USDC on Sui, will see more people exploring the Sui DeFi ecosystem. From there, it’s a small step to explore existing ecosystems on Sui.</li> 
 <li><a href="https://www.altcoinbuzz.io/category/blockchain-gaming/" target="_blank" rel="noopener">Gaming</a>, commerce, cross-border payments, <a href="https://www.altcoinbuzz.io/?s=depin" target="_blank" rel="noopener">DePIN</a>, all these sectors will see a user increase.&nbsp;</li> 
 <li>Wormhole is also gearing up to accommodate easy migration to native $USDC.&nbsp;</li> 
 <li>Developers can now build dApps on Sui with $USDC as an option. </li> 
</ul> 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> BREAKING: <a href="https://twitter.com/circle?ref_src=twsrc%5Etfw">@Circle</a>’s native <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> is coming soon to Sui <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Additionally, Cross-Chain Transfer Protocol (<a href="https://twitter.com/hashtag/CCTP?src=hash&amp;ref_src=twsrc%5Etfw">#CCTP</a>) will be launching on Sui, enabling developers to be able to build cross-chain flows from other chains (like <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw">@Solana</a>, <a href="https://twitter.com/ethereum?ref_src=twsrc%5Etfw">@Ethereum</a>, and more). 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;">This is huge for the Sui… <a href="https://t.co/klxqurAt3U">https://t.co/klxqurAt3U</a> <a href="https://t.co/iamcolqqfK">pic.twitter.com/iamcolqqfK</a> 
 — Sui (@SuiNetwork) <a href="https://twitter.com/SuiNetwork/status/1836047601793405309?ref_src=twsrc%5Etfw">September 17, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The Sui Network is the first Move coding language blockchain to support native $USDC. That means no wrapped or derivative versions. Having native $USDC on their network also brings other advantages. For instance, 
<ul> 
 <li>It’s a fully regulated and reserved stablecoin. You can redeem it 1:1 to the $USD.</li> 
 <li>It offers institutional on/off-ramps like Circle Mint for eligible users. This opens the door for institutions to explore Sui.</li> 
 <li>Developers can easily integrate native $USDC in existing dApps.</li> 
</ul> 
<h5>Circle’s Cross-Chain Transfer Protocol (CCTP) Will Also Be on Sui</h5> 
Circle’s CCTP will also come to the Sui Network. This allows for easy and secure $USDC transfers between Sui and supported blockchains. CCTP uses a burn-and-mint process. As a result, Sui devs can build cross-chain onboarding flows with other chains. Like, Arbitrum, Ethereum, Base, Solana, and more.&nbsp; Advantages of CCTP are, among others: 
<ul> 
 <li>The capability of moving $USDC between 9 chains. No less than 72 different routes are available for this.&nbsp;</li> 
 <li>Build multichain dApps to facilitate transactions across various networks. For instance, MoveVM, EVM, SVM, and Cosmos SDK supported chains. </li> 
</ul> 
<blockquote class="twitter-tweet"> 
 Today in Singapore we announced that <a href="https://twitter.com/circle?ref_src=twsrc%5Etfw">@circle</a> USDC &amp; CCTP are launching on <a href="https://twitter.com/SuiNetwork?ref_src=twsrc%5Etfw">@SuiNetwork</a> — USDC Sui Testnet goes live today. Excellent to see the developer enthusiasm at their dev conf here today. 
 — Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) <a href="https://twitter.com/jerallaire/status/1836009972968341734?ref_src=twsrc%5Etfw">September 17, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
So, to sum up, we’re only halfway through Suitember and Sui is already on fire. Having native $USDC on the network will propel Sui even further upward and forward. The $SUI token has pumped no less than 505% since the start of Suitember. 
The price of <a href="https://www.coingecko.com/en/coins/sui" target="_blank" rel="noopener">SUI</a> is $1.20 with a $3.2 billion market cap. Out of the max supply of 10 billion $SUI tokens, 2.67 billion circulate. 
<a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="alignnone wp-image-123700 size-full" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg" sizes="(max-width: 1197px) 100vw, 1197px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner.jpg 1197w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1068x132.jpg 1068w" alt="" width="1197" height="148"></a> 
<div class="youtube-embed" data-video_id="YI3uWPQqgJw">
 <iframe title="Will These 3 Altcoins Kill Ethereum?" width="696" height="392" src="https://www.youtube.com/embed/YI3uWPQqgJw?start=304&amp;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div> 
<h4>Disclaimer</h4> 
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours. 
We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Sui. 
Copyright Altcoin Buzz Pte Ltd. 
The post <a href="https://www.altcoinbuzz.io/product-release/sui-network-launches-usdc/">Sui Network Launches USDC</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.

Sui Network Launches USDC

Altcoin Buzz

Other articles published on Sep 18, 2024

SingularityDAO Expands DeFi Portfolio with Cogito Finance’s Tokenized RWAs Integration

Chain Abstraction Revolution: 5 Projects Pioneering Cross-Chain Innovation

Sei Coin Streamlines Digital Asset Exchange

Cypher Capital Joins Fundraising for Hemi Labs to Develop Unified Bitcoin-Ethereum Supernetwork

Bitgert: Why This Low-Cap Crypto Could Be Your Best Investment in 2024

Hedera Joins MiCA Crypto Alliance with Ripple and Aptos, Launches Asset Tokenization Studio

Join our free newsletter for daily crypto updates!