USDC Launches on Sui Mainnet, Boosting DeFi Ecosystem
- DDDOriginal
- 2024-10-09 03:28:09782browse
USDC, a major stablecoin, is now available on the Sui Mainnet, enhancing liquidity and value transfer within the DeFi ecosystem as Sui's TVL surpasses $1 billion.
Major stablecoin USDC has gone live on the Sui Mainnet, boosting liquidity and value transfer within the DeFi ecosystem as Sui's TVL surpasses $1 billion.
The Sui ecosystem has achieved a major milestone with the launch of native USD Coin (USDC) on the Sui Mainnet, the Sui Blog announced. Being one of the most widely used stablecoins, USDC integration will provide stable value transfer and increased liquidity as Sui’s decentralized finance (DeFi) total value locked (TVL) has crossed $1 billion.
USDC Integration and Benefits
The addition of USDC on Sui will increase the network’s liquidity, which is essential as it expands its DeFi offerings. The presence of USDC will pave the way for further growth opportunities, aiding Sui’s vision of shaping the future of a decentralized internet.
Cross-Chain Transfer Protocol
To enhance interoperability, the Cross-Chain Transfer Protocol (CCTP) will be available on Sui. This protocol allows USDC to be moved efficiently between the supported blockchains, providing greater composability and safety for developers building on Sui.
How to Access USDC on Sui
There are multiple ways for users to get native USDC on Sui. Circle Mint provides direct access for eligible businesses and distributors that hold Circle Mint Accounts. Alternatively, users can swap assets for USDC via decentralized exchanges (DEXes) on Sui or purchase USDC from exchanges that support it, with Coinbase expected to be added soon. It is crucial to note that any bridged wUSDC on Sui should not be sent to Circle, Coinbase, or any other centralized exchanges that support native USDC on Sui.
DeFi Protocol Support
Several DeFi protocols will support USDC on Sui from the beginning, including 7k, Aftermath, Cetus, DeepBook, FlowX, Hop, Kriya, Navi Protocol, Suilend, Turbos, and Typus. This integration marks a significant opportunity for developers to include the largest regulated dollar-backed stablecoin in their products, potentially unlocking new possibilities.
Future Prospects
The launch of native USDC on Sui is just the beginning of its potential impact. As the Sui ecosystem grows, USDC will play a key role in unlocking new opportunities in DeFi, gaming, and commerce. With cross-chain interoperability and a thriving ecosystem, Sui aims to set the stage for the next wave of decentralized innovations.
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