NEW YORK, Saturday, September 21, 2024 – Circle, the issuer of the USDC stablecoin, is expanding its reach by launching USDC on the Sui blockchain.
This marks the 15th network integration for USDC since its inception in 2018.
The integration of USDC on Sui aims to bolster the network’s cross-chain functionality and attract more developers. Sui, a Layer 1 blockchain, was launched in 2023 and is built on technology derived from Facebook’s failed Libra project.
Circle’s Cross-Chain Transfer Protocol (CCTP) will enable seamless USDC transfers between different blockchains. This provides users with a secure and efficient way to transact in a multi-chain environment.
The USDC Sui testnet is expected to go live this week, while the mainnet launch is anticipated soon after. The Circle Reserve Fund, which backs USDC, is custodied by The Bank of New York Mellon and managed by BlackRock.
This expansion of USDC follows Circle’s recent announcement of plans to integrate USDC on the Ethereum Layer 2 Soneium, a joint venture between Sony and Startale Labs.
