Circle issues USDC on the Sui Network, which is the native USDC.

This is a positive development for lending protocols. Because now USDC from exchanges can be withdrawn to the Sui chain, the scale of funds has suddenly increased by an order of magnitude.

NAVI @navi_protocol

is the protocol with the highest TVL on SUI, including lending and SUI liquidity staking. They quickly recognized this benefit and immediately supported the native USDC, attracting 18 million dollars in just two days.

Previously, USDC was brought over via cross-chain bridges, and exchanges did not support deposits and withdrawals. Therefore, the scale of funds was greatly limited. Now that there is native USDC on SUI, exchanges will gradually support it.

Currently, the APR for native USDC on NAVI is as high as 14%, which is like a windfall. There are even higher yield strategies, such as collateralizing USDC on NAVI to borrow NAVX/SUI. Then, you can participate in Bybit's launchpool, where the APRs are 121% and 25%, respectively.

However, please note that exchanges have not yet enabled deposits and withdrawals for USDC on SUI. Therefore, it requires using Wormhole to cross-chain from Ethereum to SUI, and then you can convert it with one click on NAVI. But you need to consider Ethereum's GAS fees, which can be a bit of a hassle. Perhaps this is why the APR is so high right now.

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