Circle has positioned itself to integrate natively and directly into native Sui Network Layer 1, an optimal blockchain determined by the incorporation of the Move programming language. This partnership will therefore provide a concrete and major step towards easy, convenient, and efficient use of stablecoins through multiple blockchains.

It will also empower users with enhanced security. Circle has provided several best practices in this regard. Recommendations such as updating analytics pages and tokens, utilizing USDC as default for swaps, deposits, and withdrawals, and more, ensure support for bridged as well as native USDC.

Sui Network Embraces Native USDC

Sui Network, which has gained recognition for its high-performance potential and unbounded horizontal expandability, is the first blockchain-based on Move that supports native USDC. It reduces the hassles and uncertainty of bridged assets and provides direct access to the stablecoin for the use of the Sui Network.

Bridged USDCs are tokens that are transferred from one blockchain to another, for instance, through Wormhole. On the other hand, native USDC, is directly created by Circle and can be exchanged for the equivalent amount of the U.S. dollars; these qualities make it rather trustworthy.

Hence, by supporting USDC natively, Sui Network will enhance general ecosystem liquidity to attract developers and users. The change also improves efficiency in trades thus enhancing the benefits of blockchain in this context to lure institutional players in.

Coinbase to List Circle-Managed Stablecoin on Sui

Furthermore, the increasing need for investing and holding stablecoins was another reason that the company revealed its intention to list native USDC on Sui Network. This development will be of great importance to the investors, who have adopted digital currencies as the reliable form of currency and means of payment.

Based on the list of projects, the inclusion of USDC on Sui by Coinbase shows that the market has immense hopes in the stablecoin.

Moreover, the native integration of USDC into Sui Network will reinvent the decentralized finance ( DeFi) applications through the use of the upcoming Cross-Chain Transfer Protocol (CCTP). This protocol will enable asset transfer from one supported blockchain to the other which will improve the speed and the security of the transactions.

Therefore, with CCTP, users and developers will benefit from lowered costs and faster transactions, which are essential for DeFi applications. In addition, the implementation of CCTP will bring new projects and investments to the Sui ecosystem.

Coinbase Move To Delist Non-Compliant Stablecoins

Furthermore, since $USDT and other non-compliant stablecoins will no longer be supported by Coinbase by December, there is growing demand for MiCAR-compliant stablecoins. Nonetheless, Algorand reintroduced $EURD and $USDCa providing European users with practical and legal compliant options.

This active position corresponds to the changes in the new MiCAR regulations and firmly establishes Algorand as a participant in the European crypto space. At the same time, the shift in the regulation of cryptocurrencies remains a topic of interest, especially in the United States with the coming presidential elections.

The crypto community expects changes in the regulatory approach and possible changes in the SEC leadership. Notably, stablecoin regulations are also on the horizon. According to a recent report, SEC leaders and select congress members are having a hearing on crypto regulation.

The anticipated updates will bring much-needed clarity and possibly more favorable conditions for the growth of digital assets within the regulatory framework.

Source : The Coin Republic - Oct 9, 2024