Native USDC Now Live on Sui: What Does It Mean?
The native USDC stablecoin is now live on the Sui Network. This means developers and users can make transactions with it without any bridging.
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The native USDC stablecoin is now live on the Sui Network. This means developers and users can make transactions with it without any bridging.
The difference between native and bridged USDC is that bridged USDC is not redeemed by Circle and is not redeemable with solutions like Circle Mint and Circle APIs. With native USDC access, users on Sui can trade native USDC for dollars.
Developers can use USDC to build apps in DeFI, gaming, e-commerce, DePIN, and more.
Besides the native USDC, bridged USDC (wUSDC) is available on the Sui Network via the cross-chain platform Wormhole.
After the recent launch on Sui, USDC stablecoin is supported natively by 16 blockchains, including Ethereum, NEAR, Base, Solana, Avalanche, and ZKsync. Developed by the fintech company Circle, USDC is used in different types of blockchain-based services.
Currently, USDC is the second largest stablecoin by market cap after Tether (USDT).
The Sui Network, meanwhile, is a Layer 1 blockchain focused on scalable, fast, and low-cost transactions. Recently, the total number of transactions on the network surpassed 2 billion, setting a new record for the platform. At the moment, Sui’s native token SUI trades for $1.9 with a market cap of over $5.4 billion.
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