Circle's USDC Stablecoin Will Be Available Natively on the Sui Network

The Sui Foundation has announced that Circle's USDC stablecoin will be available natively on the Sui network, with the NAVI Protocol set to integrate the asset from day one.

Cryptocurrency project Sui has announced that Circle’s USDC stablecoin will be available natively on its blockchain, with decentralized finance protocol NAVI set to integrate the stablecoin from day one.

This integration, shared with crypto.news via press release, will see USDC be available on Sui’s network with $120 million in liquidity, marking the third-largest supply of USDC in the industry, following Aave and Compound.

NAVI is the primary decentralized finance and liquidity protocol on Sui. This integration is expected to boost liquidity in the Sui ecosystem and enhance the user experience.

Native USDC refers to a stablecoin that is issued directly on a blockchain, as opposed to bridged USDC, which uses third-party networks to connect different blockchains. Native assets are fully backed and can be exchanged for U.S. dollars.

With this integration, Sui’s network will benefit from increased capital efficiency. NAVI will introduce features like flash loans and liquidity support, encouraging users to migrate from bridged USDC to native USDC.

This integration also aims to provide a seamless lending and borrowing experience within the Sui ecosystem.

Sui’s adoption of USDC aligns with the broader trend of permissionless composability, where blockchain technologies build on each other to create more efficient applications. This also enables faster and simpler cross-chain transactions.

NAVI will share a user migration plan in the coming days, outlining how the transition from bridged to native USDC will be handled, further advancing the Sui DeFi ecosystem.

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