{"id":17042,"date":"2024-09-17T18:39:02","date_gmt":"2024-09-17T15:39:02","guid":{"rendered":"https:\/\/forklog.com\/en\/circle-to-launch-usdc-stablecoin-on-sui-blockchain\/"},"modified":"2024-09-17T18:39:02","modified_gmt":"2024-09-17T15:39:02","slug":"circle-to-launch-usdc-stablecoin-on-sui-blockchain","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/circle-to-launch-usdc-stablecoin-on-sui-blockchain\/","title":{"rendered":"Circle to Launch USDC Stablecoin on Sui Blockchain"},"content":{"rendered":"<p>Circle, the company behind the second-largest stablecoin by market capitalization, USDC, is integrating with the high-performance Sui blockchain.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ ? We\u2019re excited to announce that native <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a> and Cross-Chain Transfer Protocol (<a href=\"https:\/\/twitter.com\/hashtag\/CCTP?src=hash&#038;ref_src=twsrc%5Etfw\">#CCTP<\/a>) are coming soon to <a href=\"https:\/\/twitter.com\/SuiNetwork?ref_src=twsrc%5Etfw\">@SuiNetwork<\/a>! ?<\/p>\n<p>Explore what native USDC and CCTP will mean for Sui.<a href=\"https:\/\/t.co\/ctP3iAXcgL\">https:\/\/t.co\/ctP3iAXcgL<\/a><\/p>\n<p>\u2014 Circle (@circle) <a href=\"https:\/\/twitter.com\/circle\/status\/1836042719233527901?ref_src=twsrc%5Etfw\">September 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cSui will become the first blockchain based on the Move programming language to support USDC and the Cross-Chain Transfer Protocol (CCTP),\u201d company representatives noted.<\/cite><\/p><\/blockquote>\n<p>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&#8217;s wallet.<\/p>\n<p>Soon, developers on Sui will be able to \u201ccreate cross-chain flows directly from Arbitrum, Base, Ethereum, Solana, and other networks.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cWith the addition of native USDC, it will be possible to write applications on Sui using the industry\u2019s largest regulated dollar-backed stablecoin,\u201d company representatives emphasized.<\/cite><\/p><\/blockquote>\n<p>Circle CEO Jeremy Allaire has already <a href=\"https:\/\/x.com\/jerallaire\/status\/1836009972968341734\">announced<\/a> the launch of the test network.<\/p>\n<h2 class=\"wp-block-heading\">Partnership with MoviePass<\/h2>\n<p>Sui has partnered with MoviePass to enable users to pay for movie subscriptions using USDC, reports <a href=\"https:\/\/www.theblock.co\/post\/316831\/moviepass-taps-layer-1-network-sui-to-launch-usdc-stablecoin-payments\">The Block<\/a>.\u00a0<\/p>\n<p>Under the agreement, the Sui Foundation will acquire a stake in the American company.\u00a0<\/p>\n<p>Subscribers are set to be offered \u201con-chain rewards\u201d for activity, as well as the opportunity to purchase \u201cunique digital collectibles\u201d and engage in \u201cfan staking.\u201d Additionally, users will be able to participate in film financing.<\/p>\n<h2 class=\"wp-block-heading\">Geographical Expansion<\/h2>\n<p>Circle <a href=\"https:\/\/www.circle.com\/blog\/usdc-now-available-in-brazil-and-mexico-through-national-payment-systems-with-local-currency\">announced<\/a> that USDC is now available in Brazil and Mexico.\u00a0<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cCircle now supports local bank transfers through PIX and SPEI systems\u2014the real-time national payment systems in Brazil and Mexico, respectively,\u201d company representatives noted.\u00a0<br \/><\/cite><\/p><\/blockquote>\n<p>They stated that eliminating international bank transfers significantly \u201creduces the time to access USDC\u201d\u2014from several days to a few minutes, freeing up funds tied up in lengthy settlement processes.<\/p>\n<p>Back in April, Circle&#8217;s stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/usdc-surpasses-usdt-in-monthly-transactions\">surpassed USDT<\/a> from Tether in terms of monthly transactions.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Circle, the company behind the second-largest stablecoin by market capitalization, USDC, is integrating with the high-performance Sui blockchain.<\/p>\n","protected":false},"author":1,"featured_media":17041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1220,1150,807,1651,910],"class_list":["post-17042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-circle","tag-news-plus","tag-stablecoins","tag-sui-sui","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17042"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17041"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}