Layer-1 smart contract platform SUI Network (SUI) is surging after announcing plans to support the USDC stablecoin.
In a new blog post, USDC issuer and payment platform Circle says the network will add USDC as well as support for the Cross-Chain Transfer Protocol (CCTP), which enables interoperability with other major blockchains.
“SUI enables developers to build applications for a variety of use cases including DeFi, gaming, DePIN, and e-commerce. With the arrival of native USDC, developers can build with the industry’s largest regulated dollar-backed stablecoin.”
Additionally, CCTP will enable developers to design cross-chain experiences by connecting their Sui applications to additional blockchains including Arbitrum, Base, Ethereum, Solana, and more. Without the need to lock up liquidity, CCTP provides a highly secure and capital-efficient way to transact with USDC on supported blockchains.
According to Circle, not only would CCTP enable the secure transfer of USDC between nine different blockchains, including Ethereum (ETH), Solana (SOL), and Arbitrum (ARB), but it would also allow developers to build decentralized applications (dApps) that transact on the Cosmos Network (ATOM) interoperability blockchain.
News of the announcement sent SUI soaring, as the digital asset rose from a low of $0.867 on September 11 and is trading at $1.18 at the time of writing, a gain of 36%.
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