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Stablecoin Issuer Circle to Launch USDC on Sui Network

Circle's move to launch USDC on the layer-1 Sui blockchain will make the stablecoin available on nearly 20 blockchain networks.

Avatar image of Mishael Nwani Mishael Nwani•September 17, 2024
Jeremy Allaire Circle stablecoin

Stablecoin issuing company Circle will launch its flagship asset, USDC, on the layer-1 Sui blockchain. Jeremy Allaire, the firm’s CEO and co-founder, shared details about the integration in a September 17 announcement. The Sui network’s development team members also publicized the announcement via X.

Notably, the latest announcement comes only a day after Circle partnered with the electronics giant Sony to launch USDC on the newly introduced Ethereum layer-2 network, Sonieum.

USDC to Enter Sui

The move aims to enhance USDC’s efficiency and broaden its usage across various applications. By integrating with the Sui network, Circle seeks to improve transaction speeds and support a broader range of decentralized finance (DeFi) protocols.

The Sui network is a layer-1 proof-of-stake blockchain known for its speed and ability to handle large numbers of transactions. Sui’s advanced technology allows developers to create fast, secure, scalable blockchain applications. By integrating USDC into the Sui network, the stablecoin issuer hopes to encourage more developers to build projects using its stablecoin.

With this adoption, USDC will be directly supported on Sui using the Cross-Chain Transfer Protocol (CCTP), which allows USDC to move between blockchains by burning it on one and minting it on another.

Circle Expands Business

As mentioned earlier, Circle recently announced that USDC is now available on the Sony-owned L2 network Soneium. By launching USDC on multiple blockchains, the stablecoin issuer is making its stablecoin more accessible to a broader audience across different platforms.

According to Circle’s website, USDC is now available on over 15 blockchains, including Solana, Polygon, Algorand, Avalanche, and Base.

In addition to these blockchain developments, Circle recently announced a significant move. The company is relocating its headquarters to New York City, bringing it closer to the heart of the U.S. financial industry. By moving to New York, the stablecoin issuing firm hopes to reach a wider audience, form new partnerships, and establish a stronger presence in the financial sector.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.