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

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

September 18, 2024

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%.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3