Layer-1 Blockchain network Sui Network has announced the upcoming integration of native USD Coin (USDC) and Cross-Chain Transfer Protocol (CCTP). The upgrade aims to increase the liquidity of the network and expand cross-chain transaction capabilities.
USDC and CCTP Integration
Starting September 17, Sui Network will introduce native USDC to its ecosystem. This integration is intended to pave the way for a variety of digital dollar-based applications in the fields of decentralized finance (DeFi), gaming, and e-commerce. Sui users and developers will experience a more seamless experience with USDC. The process will include a gradual transition of bridged USDC liquidity to the native form, while Wormhole’s Portal bridge will continue to operate normally.
“We are very excited about this collaboration. At Circle, we are committed to supporting the development of blockchain-based applications and improving payment experiences across platforms,” said Nikhil Chandhok, Product Manager at Circle.
Latest Developments and Market Performance
The announcement comes after Grayscale launched the Sui Trust, opening up access to Sui and other cryptocurrencies for investors. Currently ranked 32nd by market cap with a market cap of $2.9 billion, Sui Network has seen a significant recovery in its total value locked (TVL).
After exceeding $1 billion in May 2024, TVL fell to $516 million in early August. However, Sui’s TVL has now risen back above $700 million, making it the 10th largest blockchain network by TVL, according to DefiLlama data. Sui’s open interest has risen to $230 million in the futures market, suggesting increased demand among futures traders.
Ecosystem Growth and Applications
Sui Network’s growth is also evident in the DeFi sector. TVL on Sui’s DeFi protocols has increased by over 15% in the last 30 days. The primary protocols driving this growth include NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance. Additionally, Sui’s stablecoin volume has reached over $360 million, while volume on its decentralized exchange (DEX) platforms has also increased by over 32% in the last week, approaching $300 million.
Outside of the cryptocurrency world, Sui is making inroads into other sectors. For example, 3DOS, a 3D-printing device maker, adopted Sui for its high processing speeds and low costs.
These developments suggest that Sui Network could become a major player in the blockchain space. Both the growth in the DeFi sector and adoption across industries point to Sui’s future potential.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
