Circle has announced its decision to launch its USD Coin (USDC) on the Sui network, a move that has promptly propelled the price of Sui (SUI) cryptocurrency. This initiative marks a continuation of USDC’s expansion across multiple blockchain platforms, now totaling sixteen with the addition of Sui.
Circle Announces USDC on Sui Network, Resulting in SUI Price Spike
Circle’s CEO, Jeremy Allaire, recently publicized that USDC will soon be natively supported on the Sui network through the Cross-Chain Transfer Protocol (CCTP). This move will enhance the interoperability and functionality of USDC across different blockchain ecosystems.
With USDC already operational on fifteen other networks, this addition underlines the stablecoin’s growing influence in the digital currency space. Additionally, Sui network is known for its utilization of the Move programming language which supports parallel transaction executions.
This native support of USDC on Sui through CCTP will elevate the usability, security, and interoperability for both developers and users within the Sui ecosystem. Concurrently, the expansion will solidify Sui’s position as a layer-1 blockchain platform, catering to the Web3 landscape.
Expanding the Reach of USDC
Following its inception as an ERC-20 token on the Ethereum blockchain, USDC has widened its accessibility across various networks including Algorand, Celo, and Solana among others. The latest collaboration underscores Circle’s commitment to enhancing the adaptability and reach of USDC.
Furthermore, Circle has also recently announced plans to extend USDC support to Soneium, an Ethereum Layer 2 solution developed by Sony Block Solutions Labs. This indicates Circle’s commitment to USDC’s utility across diverse blockchain platforms.
Strategic Collaborations and Market Movements
The announcement of USDC on Sui has coincided with strategic collaborations in the blockchain space. Notably, Chainlink Labs and Fireblocks have embarked on a new initiative aimed at enabling banks and financial institutions to issue stablecoins effortlessly.
Such collaborations will enrich the stablecoin ecosystem, providing more robust frameworks for the management of digital currencies.
At the same time, WhaleAlert recorded a large transaction involving 50 million USDC. The transaction, valued at $50,002,499, was minted directly at the USDC Treasury on the Ethereum blockchain. Such large-scale minting often signals an increased demand for USDC in the market following the expansions.
💵 💵 💵 50,000,000 #USDC (50,002,499 USD) minted at USDC Treasury
— Whale Alert (@whale_alert) September 17, 2024
Moreover, the market has reacted positively with the Sui (SUI) price experiencing a notable surge. From $1.10, SUI spiked to a peak of $1.175, showing a 7.5% increase in the last 24 hours.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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