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DeFi Lender Suilend Add Support for Native USDC

Adding the native USDC to Suilend's list of supported cryptocurrencies comes a few weeks after Circle announced its launch on the Sui network.

Avatar image of Mishael Nwani Mishael Nwani•October 8, 2024

Decentralized lending protocol Suilend has added support for Circle’s native USDC stablecoin. The latest addition comes less than a month after Circle’s USDC was incorporated into the layer-1 Sui blockchain.

Suilend Integrates USDC

Before now, Suilend users have adopted Circle’s flagship stablecoin by bridging Wormhole-wrapped USDC into the lending protocol. However, integrating the native USDC into the platform allows direct stablecoin usage.

Suilend admitted that the native USDC is a big deal because the bridged version holds 65% of the market share (over $280 million), making it the largest stablecoin on the Sui blockchain. The native USDC also unlocks improved interoperability for Sui users and developers, as they can easily add liquidity to their desired project, execute improved transactions, and streamline the overall market performance.

The lending protocol urged users to migrate their wrapped USDC to native USDC. Suilend has waived borrowing fees for the newly added asset in the early stage.

Suilend’s website reveals that users have deposited around $38,600 into the native USDC less than an hour after the announcement. Additionally, $20,000 in USDC has been borrowed from the platform.

USDC Benefits

The latest move has also benefitted the USDC stablecoin by increasing its usage of DeFi protocols. On-chain data shows that its daily trading volume has soared by over 22% to $6.34 billion at the time of writing.

In recent months, Circle has made several moves to boost interaction with USDC. Last week, crypto exchange Coinbase revealed that it would delist non-compliant stablecoins from its European platform by the end of the year. This move entailed delisting Tether’s USDT if it remained non-compliant. However, Circle’s USDC is in line to become the most used stablecoin in the bloc as it has secured licensing from financial authorities.

In other news, Circle announced its plan to move headquarters to New York to boost the adoption of its flagship U.S. dollar-pegged stablecoin.

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.