- Circle announced plans to launch its USDC stablecoin and CCTP protocol on the Sui chain.
- Sui becomes the first move-based chain to have native USDC.
- SUI is up over 14% in the past 24 hours, extending its monthly gains by more than 40%.
SUI is up 14% on Wednesday as Circle announced that its USDC stablecoin and Cross-Chain Transfer Protocol (CCTP) will launch on the Sui blockchain.
SUI surges following partnership with Circle
Layer-1 blockchain Sui has been gaining constant attention following big launches on its network, including the latest launch from USDC issuer Circle.
Circle announced its plans to launch its USDC stablecoin on the Sui blockchain on Tuesday. The announcement also included the integration of Circle's CCTP for cross-chain building among developers.
BREAKING: @Circle’s native $USDC is coming soon to Sui
— Sui (@SuiNetwork) September 17, 2024
Additionally, Cross-Chain Transfer Protocol (#CCTP) will be launching on Sui, enabling developers to be able to build cross-chain flows from other chains (like @Solana, @Ethereum, and more).
This is huge for the Sui… https://t.co/klxqurAt3U pic.twitter.com/iamcolqqfK
Circle CEO Jeremy Allaire mentioned that the USDC Sui testnet went live in the past few hours. The partnership marks Sui as the first blockchain-based on the Move programming language to support native USDC and CCTP. As a result, Ethereum-bridged USDC tokens on the block explorer will be renamed as wUSDC ahead of the launch of native USDC tokens on the network.
SUI has risen over 14% in the past 24 hours following Circle's announcement. The token has seen a significant rally over the past month, with monthly gains climbing over 40%.
The uptrend dates back to September 6, when SUI broke out from bearish pressures and outperformed most cryptocurrencies in the top 100 category.
Some reasons for Sui's remarkable rise include a notable upgrade to a Mysticeti consensus protocol, which enables faster transactions on its network, and the launch of a Grayscale Sui trust fund. DeFi activity on Sui has also grown in recent months, with its total value locked rising to $736 million, per DefiLlama data.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: Is BTC sell-off over?
Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs, which recorded outflows of more than $280 million this week.
Three reasons why Solana could see a double-digit decline
Solana price appears to have found some support on Friday, recovering slightly from the sharp sell-off registered earlier this week. However, on-chain metrics and technical indicators show increasing chances of a further decline in prices, suggesting that the rebound could be short-lived.
Tron network revenue exceeds Bitcoin, Ethereum and Solana in Q3
The Tron network (TRX) generated the highest revenue in the third quarter since its inception, outperforming leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin finds support around $60,000
Bitcoin is hovering around its key support level; a sustained close below this threshold could signal further declines. On the other hand, Ethereum and Ripple have closed below their critical support levels, indicating further downsides.
Bitcoin: Is BTC sell-off over?
Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs. BTC bulls seem to be holding strong at a critical support level.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.