Sui Surges Over 35% in a Week Amid Plans To Support Native USDC Stablecoin on the Layer-1 Blockchain

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Daily Hodl2024/09/17 16:00

By:by Mehron Rokhy

Layer-1 smart contract platform SUI Network ( SUI ) is surging after announcing plans to support the stablecoin USDC .

In a new blog post, USDC issuer and payments platform Circle says that the network will be adding USDC as well as support for Cross-Chain Transfer Protocol (CCTP), which allows interoperability with other prominent blockchains.

“SUI enables developers to build apps for a variety of use cases, including DeFi, gaming, DePIN, and ecommerce. With the arrival of native USDC, developers can build with the largest regulated dollar-backed stablecoin in the industry.

Additionally, CCTP will enable developers to design cross-chain experiences by connecting their Sui apps to additional blockchains including Arbitrum, Base, Ethereum, Solana, and more. With no need to lock up liquidity, CCTP provides a highly secure and capital-efficient way to transact with USDC across supported blockchains.”

According to Circle, not only would CCTP allow the secure transfer of USDC between nine different blockchains, including Ethereum ( ETH ), Solana ( SOL ), and Arbitrum ( ARB ), it would also let developers build decentralized apps (dApps) that conduct transactions over interoperability blockchain Cosmos Network ( ATOM ).

News of the announcement sent SUI flying, as the digital asset went from a low of $0.867 on September 11th and is trading for $1.18 at time of writing, a gain of 36%.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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