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In an exciting development, Coinbase has announced the addition of USDC on the Sui network to its roadmap.
In a tweet, Coinbase announced an update to its roadmap that signifies assets it intends to list, hinting at the addition of USDC on Sui to its roadmap.
Coinbase’s decision to list USDC on Sui comes as demand for stablecoins continues to grow, especially in light of the increasing adoption of digital currencies by both retail and institutional investors.
The move comes as native USDC goes live on layer-1 blockchain and smart contract blockchain Sui Network. SUI network would reportedly be the first using the Move programming language to support native USDC, which is officially issued by Circle and is redeemable 1:1 for U.S. dollars.
Tomiwabold OlajideCircle brings USDC natively to new blockchain networks to empower developers and users; with the addition of Sui Network, USDC is now supported natively on 16 blockchain networks.
Bridged USDC arrives on Sui Network
As stated previously, native USDC is now live on Sui Network, according to a new announcement from Circle. In addition, there is a "bridged" version of USDC known as wUSDC on Sui, which is USDC that has been bridged from Ethereum using Wormhole.
However, bridged USDC (wUSDC) is not issued by Circle and cannot be used or redeemed with Circle Mint or Circle APIs.
Wormhole remains an important aspect of the growth of bridged USDC on Sui, which influenced Circle's decision to introduce native USDC to the Sui ecosystem. Wormhole will be a key integration partner for Sui's upcoming Cross-Chain Transfer Protocol (CCTP), allowing developers and users to move USDC natively between blockchains.
In the coming days, many leading ecosystem apps are expected to support native USDC on Sui Network for DeFi, gaming, DePIN and e-commerce, Circle's announcement stated.
USDC on Sui will be live on Coinbase soon, although the exact date is yet to be announced.
Gamza Khanzadaev
Denys Serhiichuk
Dan Burgin
Vladislav Sopov
U.Today Editorial Team