Circle to Launch USDC Stablecoin on Sui Blockchain

Circle, the company behind the second-largest stablecoin by market capitalization, USDC, is integrating with the high-performance Sui blockchain.

1/ ? We’re excited to announce that native $USDC and Cross-Chain Transfer Protocol (#CCTP) are coming soon to @SuiNetwork! ?

Explore what native USDC and CCTP will mean for Sui.https://t.co/ctP3iAXcgL

— Circle (@circle) September 17, 2024

“Sui will become the first blockchain based on the Move programming language to support USDC and the Cross-Chain Transfer Protocol (CCTP),” company representatives noted.

When a CCTP transfer is requested, it burns the specified amount of USDC in the originating network and issues an equivalent amount of coins in the destination blockchain to the user’s wallet.

Soon, developers on Sui will be able to “create cross-chain flows directly from Arbitrum, Base, Ethereum, Solana, and other networks.”

“With the addition of native USDC, it will be possible to write applications on Sui using the industry’s largest regulated dollar-backed stablecoin,” company representatives emphasized.

Circle CEO Jeremy Allaire has already announced the launch of the test network.

Partnership with MoviePass

Sui has partnered with MoviePass to enable users to pay for movie subscriptions using USDC, reports The Block. 

Under the agreement, the Sui Foundation will acquire a stake in the American company. 

Subscribers are set to be offered “on-chain rewards” for activity, as well as the opportunity to purchase “unique digital collectibles” and engage in “fan staking.” Additionally, users will be able to participate in film financing.

Geographical Expansion

Circle announced that USDC is now available in Brazil and Mexico. 

The company has introduced the ability to directly convert reals and pesos into the stablecoin, bypassing the need to first exchange fiat currencies for US dollars.

Businesses can now receive USDC from local financial institutions for their own needs or offer the stablecoin to their customers, according to a press release.

“Circle now supports local bank transfers through PIX and SPEI systems—the real-time national payment systems in Brazil and Mexico, respectively,” company representatives noted. 

They stated that eliminating international bank transfers significantly “reduces the time to access USDC”—from several days to a few minutes, freeing up funds tied up in lengthy settlement processes.

Back in April, Circle’s stablecoin surpassed USDT from Tether in terms of monthly transactions.