Circle has announced the upcoming launch of its native USDC stablecoin on the Sui Network. The announcement was made by the CEO of Circle, Jeremy Allaire at the Token2049 in Singapore.
Circle is a financial technology company known for issuing USD Coin (USDC), a stablecoin pegged to the U.S. dollar. Launched in September 2018 through a partnership between Circle and Coinbase under the Centre Consortium, USDC is designed to maintain a stable value, with each token redeemable for one U.S. dollar.
Sui is a Layer-1 blockchain designed to simplify the development and deployment of decentralized applications (dApps).
The Sui Move Language, inspired by Rust, is designed for secure and flexible smart contract development. It promotes data composability, enabling developers to manipulate data packages effortlessly.
USDC, originally launched on the Ethereum network, has been integrated into multiple blockchains such as Algorand, Solana, and others, enhancing its accessibility and utility across various applications.
Serving as a reliable medium for transactions, remittances, and trading within decentralized finance (DeFi) ecosystems, USDC’s adoption is driven by several key factors. One significant factor is the desire for stability in the volatile cryptocurrency market.
Stablecoins, particularly those pegged to fiat currencies like the U.S. dollar, provide a stable store of value, helping users mitigate the risks associated with the price fluctuations common in cryptocurrencies like Bitcoin and Ethereum.
This stability makes stablecoins like USDC attractive for trading, hedging, and as collateral in DeFi protocols.
Moving to Sui means USDC will be available to developers in an ecosystem with over 8.73 million active accounts and more than 2.64 billion transactions processed in May 2023.
Five months ago, Stripe announced plans to bring back crypto payment with stablecoin USDC as a means of payment. And just recently, Circle partnered with Sony Blocks Solution to integrate USDC into their blockchain, Soneium.
