Stablecoin issuer Circle is increasing its native issuance of USD Coin (USDC) and deploying its Cross-Chain Switch Protocol on the layer-1 blockchain Sui.
In a Sept. 17 X submit, Evan Cheng, co-founder and CEO of Mysten Labs, revealed that his agency’s blockchain—Sui—has partnered with Circle to convey USDC to the community.
Cheng didn’t present further info on the partnership. Nonetheless, market observers famous that the transfer would enhance liquidity in Sui’s fast-rising ecosystem and additional entice extra customers to the community.
Launched in 2023, Sui has rapidly gained consideration inside the crypto house for its simplicity and up to date high-flying strikes, which embody a partnership with automaker DeLorean to convey innovation to the automotive trade and usher the model into the digital period.
Moreover, crypto asset administration agency Grayscale just lately opened its Sui Belief for certified traders.
USDC’s rising affect
USDC is at the moment the second-largest stablecoin, with a circulating provide exceeding $35 billion. In response to Circle, USDC is supported on 15 blockchain networks, together with Ethereum, Algorand, Arbitrum, Avalanche, Polkadot, Base, and Polygon.
Circle promotes USDC as a compliant digital asset providing strong person protections. The corporate just lately introduced plans to relocate its headquarters to New York Metropolis’s World Commerce Middle.
Regardless of its success, Circle has confronted criticism. Blockchain investigator ZachXBT just lately referred to as out the corporate for delays in blacklisting a pockets tied to North Korea’s Lazarus Group.
In a Sept. 17 submit on X, ZachXBT highlighted situations the place Circle didn’t safeguard the crypto ecosystem. He criticized the agency’s gradual response in stopping malicious actors and its reluctance to help customers who by chance transferred USDC to contract addresses attributable to poor person interface design.
ZachXBT said:
“Numerous customers have by chance transferred USDC to the contract deal with on numerous chains attributable to unhealthy UX within the ecosystem. Whereas sure, it’s the person’s fault, Circle does have the flexibility within the contract to switch the funds again to the rightful proprietor, but in contrast to their rivals, it won’t assist you to.”
