Jeremy Allaire, co-founder and CEO of Circle, has announced the company plans to launch a dollar-denominated token on layer 1 blockchain Sui next week.
Notably, this will be the 15th blockchain on which USDC is available since its joint partnership with Coinbase in 2018.
USDC, the sixth largest cryptocurrency, currently has a market capitalization and circulating supply of $35 billion.
Following the news, SUI, the Sui network's native token, has seen a surge.
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Adeniyi Abiodun, chief product officer at Mysten Labs, said:
"The availability of USDC as a native asset on Sui marks another important milestone in the maturation of the Sui ecosystem."
Sui, which was launched in 2023, is a blockchain network designed for decentralized applications.