Circle taps Sui blockchain for wider USDC integration News โธ Sui · USDC โธ Stablecoins
Circle taps Sui blockchain for wider USDC integration
Sui blockchain has also announced a new partnership with famed automaker, DeLorean.
2 min read
Updated: Sep. 17, 2024 at 11:25 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Stablecoin issuer Circle is expanding its native issuance of USD Coin (USDC) and deploying its Cross-Chain Transfer Protocol on the layer-1 blockchain Sui.
In a Sept. 17 X post, Evan Cheng, co-founder and CEO of Mysten Labs, revealed that his firm’s blockchainโSuiโhas partnered with Circle to bring USDC to the network.
Cheng did not provide additional information on the partnership. However, market observers noted that the move would boost liquidity in Sui’s fast-rising ecosystem and further attract more users to the network.
Launched in 2023, Sui has quickly gained attention within the crypto space for its simplicity and recent high-flying moves, which include a partnership with automaker DeLorean to bring innovation to the automotive industry and usher the brand into the digital era.
Furthermore, crypto asset management firm Grayscale recently opened its Sui Trust for qualified investors.
USDC’s growing influence
USDC is currently the second-largest stablecoin, with a circulating supply exceeding $35 billion. According to Circle, USDC is supported on 15 blockchain networks, including Ethereum, Algorand, Arbitrum, Avalanche, Polkadot, Base, and Polygon.
Circle promotes USDC as a compliant digital asset offering robust user protections. The company recently announced plans to relocate its headquarters to New York Cityโs World Trade Center.
Despite its success, Circle has faced criticism. Blockchain investigator ZachXBT recently called out the company for delays in blacklisting a wallet tied to North Korea’s Lazarus Group.
In a Sept. 17 post on X, ZachXBT highlighted instances where Circle failed to safeguard the crypto ecosystem. He criticized the firm’s slow response in preventing malicious actors and its reluctance to assist users who accidentally transferred USDC to contract addresses due to poor user interface design.
ZachXBT stated:
“A large number of users have accidentally transferred USDC to the contract address on various chains due to bad UX in the ecosystem. While yes, it is the user’s fault, Circle does have the ability in the contract to transfer the funds back to the rightful owner, yet unlike their competitors, it will not help you.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Ethereum
$2,306.70
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Avalanche
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Avalancheย is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Polygon
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Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Polkadot
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Polkadot development is on track to deliver the most robust platform for security, scalability, and innovation.
Algorand
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Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
ZachXBT is an independent on-chain sleuth who is popular on revealing bad actors in the crypto space.
