Jeremy Allaire, Circle’s Co-founder, Chairman, and CEO, hinted that native USDC will launch on the SUI ecosystem. An official ambassador of the SUI network, Edle, confirmed that many users hesitated to bridge USDC or USDT from Ether to SUI due to slow speeds and high gas fees. The SUI network ambassador asserted that a native USDC will eliminate the need for wrapped tokens (wUSD) or cross-chain transactions.
According to Edle, having the native USDC meant less slippage, a cost-effective user experience, and fewer fees. Edle added that users with native USDC could send funds directly from leading centralized exchanges like Binance to make life easier.
Native tokens are considered more secure because they are managed through the blockchain’s consensus, said Edle. The SUI network’s ambassador mentioned that this management style reduces risks like wrapped token vulnerabilities or bridge hacks.
Circle extends its native USDC issuance to SUI
Circle announcing native USDC on $SUI.
Expecting another big announcement soon that may bring a HUGE retail brand into $SUI. pic.twitter.com/WsImX9cPsS
— Ran Neuner (@cryptomanran) September 17, 2024
Ran Neuner, the founder of Crypto Banter and CNBC trader, said that Circle will soon introduce its native USDC to the SUI ecosystem. Neuner asked crypto enthusiasts to expect another big announcement soon that may bring a huge retail brand into $SUI.
Edle disclosed that working with a native asset improves the experiences for users and developers.
Edle wondered if the impact of a native USDC on Solana could be replicated on SUI. The official Sui Network ambassador recalled when Tether first launched native USDT on Solana in September 2020. Edle recollected SOL trading at $2 before the launch of native USDC on Solana in May 2021, which pushed the price of SOL to nearly $40.
Evan Cheng, the co-founder and CEO of Mysten Labs, which created the foundational Web3 infrastructure for the SUI Network, also expressed his excitement about partnering with the Sui Foundation and Circle to bring USDC to the SUI ecosystem.
According to Circle, the stablecoin reserve composition revealed $34.2 billion worth of USDC in circulation and $35.5 billion in USDC reserves as of September 12, 2024. Circle stated that most of the USDC reserve was invested in the U.S. SEC-registered 2a-7 government money market fund, Circle Reserve Fund (USDXX).
Circle strengthens its native USDC through strategic partnerships
Circle announced on September 16 that it was collaborating with Sony Block Solutions Labs to drive creativity and innovation through decentralized technologies on the public Ethereum layer 2 blockchain ecosystem, Soneium.
Through the partnership, Circle confirmed that Soneium would integrate the Bridged USDC Standard and establish bridged USDC as one of the blockchain’s primary tokens for value exchange.
The Senior Manager of Strategic Positioning and Global Thought Leadership at Circle, David Anderson, disclosed that the partnership with Airtm provided Latin American users with a borderless, interoperable, dollar-based payment capability for individuals outside the U.S. who had difficulties getting dollars.
According to Anderson, the flexibility spurred Airtm customers to effect almost 48 million transactions as of July 2024. He added that Airtm had over 500 ways for customers in 190 countries to access USDC.
Circle also partnered with Ensuro to use USDC to reach global populations underserved by traditional insurance and finance. Ensuro used smart contracts to make insurance more inclusive and capital-efficient.
