With a growth of over 40% in 7 days, why did SUI suddenly take the lead?

Original title: "SUI leads the way! With an increase of up to 28%, Circle plans to introduce USDC to the Sui network, and the cross-chain era is accelerating"

Original author: Alvis, MarsBit

Editor's note: SUI has risen by more than 40% recently, attracting attention. Yesterday, the TVL of the Sui network exceeded US$1 billion, setting a record high. Today, SUI has even broken through US$1.4, and is temporarily reported at US$1.441 as of press time. Why is SUI suddenly leading the way? All of this actually has traces to follow. On September 12, Grayscale announced the launch of the Grayscale SUI Trust Fund, which was officially open to qualified investors. On September 18, Binance launched the SUI coin-based perpetual contract. At the same time, the UDSC stablecoin will soon be natively supported on the Sui network through the cross-chain transfer protocol. With so many positive factors, SUI's long-term potential is worth looking forward to.

According to CoinGecko data, SUI tokens are priced at $1.17, with a trading volume of $500 million in the past 24 hours, a 23-hour increase of 2.3%, and a 28% increase in the past 7 days, ranking first in the token increase among the top 30 market capitalizations. Related reading: SUI Leads the Crypto Market: DeFi Ecosystem Explodes, Grayscale Trust Supports, How Many Times Can the Price Soar? 》

UDSC Stablecoin Will Soon Get Native Support on Sui Network Through Cross-Chain Transfer Protocol

USD Coin (USDC), the second-largest stablecoin by market cap, is coming to the Layer 1 (L1) blockchain Sui Network, according to the co-founder and CEO of USDC issuer Circle.

Circle CEO Jeremy Allaire announced the upcoming launch of USDC on the Sui Network, expanding the stablecoin’s support beyond 15 blockchain networks. Allaire retweeted Sui Network ambassador Stravia.sui111.sui’s announcement on X on September 17.

Native USDC to be launched on Sui via CCTP

As part of the new integration, USDC will be natively supported on Sui via the Cross-Chain Transfer Protocol (CCTP), a permissionless on-chain utility that facilitates USDC transfers between blockchain networks via native burning and minting.

Launched in 2023, Sui is an L1 blockchain and smart contract platform designed to simplify and improve the creation of applications and features in the Web3 ecosystem. Its model is based on the Move programming language and supports parallel transaction execution.

According to an announcement published by the Sui Foundation, the integration of native UDSC with CCTP is expected to improve Sui’s usability, security, and interoperability for users and developers.

“The launch of USDC as Sui’s native asset marks another important milestone in the maturation of the Sui ecosystem,” said Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the developer of the Sui network. He added:

Combined with USDC’s world-class technology, native USDC provides the Sui community with seamless access to one of the world’s most trusted digital currencies and solidifies Sui’s position as an industry leader.

USDC Stablecoin Runs on 15 Blockchains

USDC is a major stablecoin, a cryptocurrency that maintains a stable value by being pegged to a reference value such as the U.S. dollar.

The digital currency was launched in 2018 by Circle and U.S. cryptocurrency exchange Coinbase and has become one of the world’s largest stablecoins, second only to Tether

the top six stablecoins by market cap. Source: CoinGecko

After debuting as an ERC-20 token on the Ethereum blockchain, USDC has expanded native support to 15 blockchain networks, including Algorand, Celo, Hedera, Polkadot, Solana, and others.

On September 15, Circle announced plans to expand USDC on Soneium, an Ethereum layer 2 network developed by Sony Block Solutions Labs, a joint project between Japanese technology conglomerate Sony Group and Singapore-based Startale Labs.

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