Sui Blockchain Gains 40% as USDC and CCTP Debut
More from the Author Dennis Gatheca
SUI has surged over 14% in the past 24 hours following Circle’s announcement of launching its USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) on the Sui blockchain.
This marks Sui as the first Move-based chain to support native USDC, contributing to a 40% rise in SUI’s value over the past month.
Sui, the innovative layer-1 blockchain, has been riding a wave of positive momentum recently, thanks in large part to several high-profile launches on its network. The latest catalyst for Sui’s impressive rally is the announcement from Circle, the issuer of the USDC stablecoin, revealing plans to launch USDC and its Cross-Chain Transfer Protocol (CCTP) on the Sui blockchain.
Circle’s Strategic Move
BREAKING: @Circle’s native $USDC is coming soon to Sui
Additionally, Cross-Chain Transfer Protocol (#CCTP) will be launching on Sui, enabling developers to be able to build cross-chain flows from other chains (like @Solana, @Ethereum, and more).
This is huge for the Sui… https://t.co/klxqurAt3U pic.twitter.com/iamcolqqfK
— Sui (@SuiNetwork) September 17, 2024
Circle’s announcement, made on Tuesday, confirmed the launch of its USDC stablecoin on the Sui blockchain. In addition, Circle’s CCTP will be integrated into the Sui network, enabling developers to build robust cross-chain applications. Jeremy Allaire, Circle’s CEO, highlighted that the USDC Sui testnet went live just hours before the announcement, marking a significant milestone for the Sui ecosystem.
With this partnership, Sui becomes the first blockchain based on the Move programming language to support native USDC and CCTP. This development necessitates renaming Ethereum-bridged USDC tokens on block explorers to USDC in anticipation of the native USDC launch on Sui’s network.
Impressive Market Response
The market’s response to Circle’s announcement has been overwhelmingly positive. SUI, the native token of the Sui blockchain, has surged over 14% in the past 24 hours. This latest spike extends SUI’s monthly gains to more than 40%, showcasing the strong upward momentum that has characterized the token’s performance in recent weeks.
The uptrend for SUI began on September 6, when the token managed to break free from bearish pressures, outperforming most other top 100 cryptocurrencies. The current rally is a testament to the growing confidence in the Sui network and its potential.
Factors Behind Sui’s Rise
Several key factors have contributed to Sui’s remarkable rise. Notably, a significant upgrade to the Mysticeti consensus protocol has enhanced transaction speeds on the network. Additionally, the launch of a Grayscale Sui Trust fund has bolstered investor confidence.
DeFi activity on Sui has also been on the rise. According to DefiLlama, the total value locked (TVL) on Sui’s network has climbed to $736 million, reflecting increased engagement and investment in the ecosystem.
The partnership with Circle marks a pivotal moment for the Sui blockchain, positioning it as a significant player in the cryptocurrency space. With native USDC and CCTP integration, Sui is set to offer enhanced capabilities for developers and users alike, further solidifying its standing in the market. As SUI continues its upward trajectory, all eyes will be on how the network leverages these new developments to drive future growth.
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