USD Coin (USDC) to Launch on Sui Network, Announces Circle CEO
Why Trust Cryptonews
Circle, the issuer of USD Coin (USDC), is expanding its stablecoin to the Sui network, a layer-1 (L1) blockchain platform.
Circle CEO Jeremy Allaire announced the news during an event in Singapore, expanding USDC’s presence across more than 15 blockchain networks.
The integration of USDC on Sui will be powered by the Cross-Chain Transfer Protocol (CCTP), which enables seamless transfers of USDC between blockchain networks via a mechanism of native minting and burning.
USDC to Increase Sui’s Interoperability
The addition of USDC enhances Sui’s interoperability and security, offering developers and users increased functionality on the platform.
Sui, launched in 2023, is an L1 blockchain designed for Web3 applications, with a focus on simplifying decentralized application development through parallel transaction execution.
Built using the Move programming language, it offers advanced scalability and security for decentralized finance (DeFi) solutions.
“The availability of USDC as a native asset on Sui marks another important milestone in the maturation of the Sui ecosystem,” Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the team behind the Sui network, said.
“Combined with USDC’s world-class technology, the native USDC provides the Sui community with seamless access to one of the world’s most trusted digital currencies and solidifies Sui’s position as an industry leader.”
The addition of USDC on sui comes shortly after Circle partnered with Sony Block Solutions Labs, the blockchain arm of tech giant Sony, to integrate and bring USDC on Soneium, Sony’s Ethereum layer-2 blockchain.
The partnership aims to establish bridged USDC as a primary token for value exchange on Soneium, leveraging Circle’s Bridged USDC Standard.
Circle Moves Global Headquarters To New York City
Circle has revealed plans to move its global headquarters to New York City. This decision comes as the firm prepares for its upcoming Initial Public Offering (IPO).
According to a press release, Circle’s new headquarters will be located at the iconic One World Trade Center in Lower Manhattan. The relocation is scheduled for early 2025.
Circle filed for an IPO in January, which is expected to proceed once the U.S. Securities and Exchange Commission (SEC) completes its review of the company’s submission.
Meanwhile, Circle is facing scrutiny from blockchain investigator ZachXBT for its delayed action in blacklisting funds tied to the North Korean hacking group Lazarus.
ZachXBT alleges that Circle took more than four months longer than other major stablecoin issuers to block addresses linked to the notorious group, which has been involved in several high-profile cryptocurrency thefts.
“Not once have you ever blacklisted after a DeFi exploit / hack when there was ample time while you continue to profit off the transactions,” ZachXBT said in a recent post on X.
“You took 4.5 months longer than every other major issuer to blacklist Lazarus Group funds.”
