SUI rallies as Circle announces launch of USDC on its network

• Circle has announced plans to launch USDC stablecoins and the CCTP protocol on the Sui chain.
• Sui becomes the first move-based chain to have native USDC.
• SUI is up more than 14% in the past 24 hours, extending its monthly gains by more than 40%.

SUI surged 14% on Wednesday as Circle announced that its USDC and Cross-Chain Transfer Protocol (CCTP) stablecoins will launch on the Sui blockchain.

SUI grows following partnership with Circle

Layer-1 blockchain Sui has been gaining steady attention following big launches on its network, including the most recent launch from USDC issuer Circle.

Circle announced plans to launch its USDC stablecoin on the Sui blockchain on Tuesday. The announcement also included Circle’s CCTP integration for cross-chain building among developers.

Circle CEO Jeremy Allaire mentioned that the USDC Sui testnet went live in the last few hours. The partnership marks Sui as the first blockchain based on the Move programming language to natively support USDC and CCTP. As a result, Ethereum-linked USDC tokens in the block explorer will be renamed wUSDC before the release of native USDC tokens on the network.

SUI is up more than 14% in the last 24 hours after Circle’s announcement. The token has seen significant growth over the past month, with monthly gains increasing by over 40%.

The uptrend dates back to September 6, when SUI broke out of bearish pressures and outperformed most cryptocurrencies in the top 100 category.

Some reasons for Sui’s remarkable growth include a notable update to a Mysticeti consensus protocol that enables faster transactions on its network and the launch of a Grayscale Sui trust fund. DeFi activity on Sui has also increased in recent months, with its total value locked rising to $736 million, according to DefiLlama data.