USD Coin (USDC) to Launch on Sui Network, Circle CEO Announces
Date: 2024-09-18 Author: Gabriel Deangelo Categories: BLOCKCHAIN
Circle, the issuer of the USD Coin (USDC) stablecoin, is expanding its cryptocurrency to the Sui network, a Layer 1 (L1) blockchain platform.
Circle CEO Jeremy Allaire made the announcement at an event in Singapore, expanding USDC’s presence to over 15 blockchains.
USDC integration into Sui will be powered by the Cross-Chain Transfer Protocol (CCTP), which allows USDC to be seamlessly transferred between different blockchain networks using a native issuance and burn mechanism.
USDC will enhance Sui network interoperability
The addition of USDC improves the interoperability and security of the Sui network, providing developers and users with additional options on the platform.
Launched in 2023, Sui is a layer-one blockchain designed for Web3 applications with a focus on simplifying the development of decentralized applications through parallel transaction execution.
It is built using the Move programming language and offers improved scalability and security for decentralized finance (DeFi) solutions.
“The availability of USDC as a native asset on the Sui network is an important milestone in the development of the Sui ecosystem,” said Adeniyi Abyodun, co-founder and chief product officer of Mysten Labs, the team behind the Sui network.
“Combined with USDC’s cutting-edge technology, the native USDC stablecoin provides the Sui community with easy access to one of the world’s most trusted digital currencies and solidifies Sui’s position as an industry leader.”
The addition of USDC to the Sui network comes shortly after Circle partnered with Sony Block Solutions Labs, the blockchain arm of tech giant Sony, to integrate and launch USDC on Soneium, Sony’s second-layer Ethereum blockchain.
The partnership aims to use the Bridged USDC stablecoin as the primary token for exchanging value on the Soneium platform using Circle’s Bridged USDC standard.
Circle Moves Global Headquarters to New York
Circle has announced plans to move its global headquarters to New York City in preparation for its upcoming initial public offering (IPO).
According to a press release, Circle’s new headquarters will be located in the iconic One World Trade Center building in Lower Manhattan. The move is scheduled for early 2025.
Circle filed for an IPO in January, and it will go ahead after the U.S. Securities and Exchange Commission (SEC) completes its review of the company’s documents.
Meanwhile, Circle has come under fire from blockchain researcher ZachXBT for its delay in locking funds linked to the North Korean hacking group Lazarus.
ZachXBT claims that Circle took more than four months to lock addresses linked to the group, which is later than other stablecoin issuers, even though the group has been involved in a number of major crypto thefts.
“Not once have you locked funds after a DeFi hack or exploit, even though you had plenty of time to do so while still profiting from the transactions,” ZachXBT said in a recent post on X.
“You locked Lazarus Group funds 4.5 months later than all other major issuers.”
