As an analyst with over two decades of experience in the tech and finance sectors, I find this development between Coinbase and Sui Network particularly intriguing. The addition of USDC to the Sui network is not just a step forward for these companies, but a significant move that reflects the growing maturity and acceptance of digital currencies by both retail and institutional investors.
It’s been announced that USDC will be integrated onto the Sui network as part of Coinbase’s future plans, marking an intriguing advancement.
In a tweet, Coinbase announced an update to its roadmap that signifies assets it intends to list, hinting at the addition of USDC on Sui to its roadmap.
Coinbase opting to include USDC on the Sui platform reflects a surge in interest for stablecoins, particularly given the escalating use of digital currencies among individual and institutional investors alike.
Assets added to the roadmap today: USDC on Sui
— Coinbase Assets 🛡️ (@CoinbaseAssets) October 8, 2024
The action takes place as USDC – a native digital currency – becomes active on both layer-1 blockchain and smart contract blockchain Sui Network. Notably, Sui Network is said to be the initial platform to accommodate native USDC, which is officially issued by Circle and can be exchanged for one U.S. dollar in value.
Circle brings USDC natively to new blockchain networks to empower developers and users; with the addition of Sui Network, USDC is now supported natively on 16 blockchain networks.
Bridged USDC arrives on Sui Network
I’ve just learned that the native USDC is now operational on the Sui Network, as declared in a recent announcement by Circle. Moreover, there exists a version of USDC on Sui, often referred to as wUSDC. This wUSDC is essentially USDC that has been transferred from Ethereum using Wormhole for bridging purposes.
Yet, it’s important to note that the wrapped version of USDC (wUSDC) isn’t directly issued by Circle. Therefore, it can’t be utilized or exchanged using Circle Mint or Circle APIs.
The presence of wormholes significantly contributes to the expansion of connected USDC on Sui, leading Circle to introduce native USDC in the Sui environment. Wormhole is set to be a crucial partner for Sui’s forthcoming Cross-Chain Transfer Protocol (CCTP), enabling developers and users to seamlessly transfer native USDC between different blockchain networks.
Over the next few days, several prominent apps within the ecosystem are anticipated to integrate native USDC on the Sui Network for uses in Decentralized Finance (DeFi), gaming, digital assets pegging (DePIN) and online shopping (e-commerce). According to Circle’s announcement.
USDC on Sui will be live on Coinbase soon, although the exact date is yet to be announced.
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2024-10-08 18:58