Circle explained that the native integration of USDC on Sui enables developers to build decentralized applications (dapps) on the layer one (L1) blockchain without needing third-party bridging solutions. USDC issued on Sui will be redeemable 1:1 for U.S. dollars, providing developers with a stable, dollar-backed asset for creating financial products.

According to Circle, this move differentiates native USDC from bridged tokens like wUSDC, which were previously used on Sui but are not issued by Circle nor redeemable through its APIs. Sui, developed by Mysten Labs, is a versatile blockchain built on the Move programming language, designed to support high-throughput decentralized finance (defi), gaming, and ecommerce applications.

In the blog post announcement, the stablecoin issuer highlighted that more than 85 applications are currently in development on Sui, aiming to offer scalable infrastructure for developers. Circle anticipates that the introduction of USDC will enhance liquidity across various services and use cases on the network.

The announcement follows the increasing adoption of bridged USDC on Sui, facilitated by Wormhole, a cross-chain messaging protocol. Circle noted that native USDC will operate alongside Wormhole’s bridged tokens, with plans underway to support migration from wUSDC to native USDC. Future developments include integration with Circle’s Cross-Chain Transfer Protocol (CCTP), designed to simplify native USDC transfers across blockchains.

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