We’re excited to announce native USDC and Cross-Chain Transfer Protocol (CCTP) are coming soon to Sui!
Sui is a layer-1 (L1) blockchain that offers fast, secure, scalable, and affordable infrastructure for developers building on-chain apps. Boasting a rising DeFi and gaming ecosystem, Sui is home to 85+ apps and more in development.
Sui will be the first blockchain based on the Move programming language to support native USDC and CCTP. As a general-purpose blockchain, 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 regulated1 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.
Currently, Bridged USDC (from Ethereum) is the largest stablecoin on Sui, with more than $260M in circulation.2 Sui will work with ecosystem apps, such as Wormhole, to provide a smooth transition of liquidity from bridged USDC to native USDC over time.3 There will be no immediate changes to Wormhole’s Portal bridge and it will continue to operate normally. Additionally, ahead of the launch of native USDC, the Ethereum-bridged form of USDC on block explorers will be renamed to “wUSDC”. There will also be outreach to ecosystem apps to make the same change in their app UI and documentation.
Benefits of native USDC
- Regulated, fully reserved and redeemable 1:1 for US dollars1
- Enables institutional on/off-ramps like Circle Mint for eligible users
- Easy integration into your existing dApps
With CCTP, developers will be able to
- Enable users to move native USDC securely between 9 blockchains across 72 routes with 1:1 capital efficiency
- Build apps that facilitate transactions across MoveVM, EVM, SVM, and Cosmos SDK blockchains
- Enable seamless cross-chain onboarding, swaps, purchases, treasury rebalancing and more while maintaining a mainstream user experience
Native USDC issued by Circle
Token Name: USDC
Token Symbol: USDC
Mainnet Address: 0xdba34672e30cb065b1f93e3ab55318768fd6fef66c15942c9f7cb846e2f900e7::usdc::USDC
Testnet Address: 0xa1ec7fc00a6f40db9693ad1415d0c193ad3906494428cf252621037bd7117e29::usdc::USDC
Bridged USDC from Wormhole
Token Name: Bridged USDC (Wormhole)
Token Symbol: wUSDC
Mainnet Address: 0x5d4b302506645c37ff133b98c4b50a5ae14841659738d6d733d59d0d217a93bf::Coin::COIN::
Developers can start to experiment with funds flows in their Sui apps today by getting free testnet USDC from Circle’s Faucet.
Stay tuned for launch
We’re excited about the upcoming arrival of native USDC and CCTP to the Sui ecosystem! More details to come. Feel free to reach out on Discord and engage with our team if you have any questions.
1 A full list of Circle’s licenses can be found here
2 As of September 16, 2024
3 During the transition from bridged USDC to native USDC, Circle will securely burn the native USDC that was locked in the bridge smart contract on the origin chain (e.g. Ethereum)
