Sui to Make Native USDC Available Through NAVI Protocol
New York, US, October 9th, 2024, Chainwire
The Sui Foundation recently announced support for native USDC on the Sui network. As the inaugural and top DeFi & liquidity protocol on Sui, NAVI announced that it will integrate Circle’s native USDC asset on DAY 1.
With $120M in USDC liquidity, this constitutes the 3rd largest USDC supply in the industry, next to Aave and Compound. The integration of Circle’s USDC stablecoin directly into the Sui network enhances capital efficiency and improves the user experience across the ecosystem.
This move strengthens Sui’s standing in the blockchain industry, enhancing user experience and promoting wider adoption of the Sui ecosystem through NAVI fully supporting native USDC with a suite of in-application migration features and a capital-efficient native USDC Liquidity Pool, including native USDC liquidity support, flash loan capabilities, among other functionalities.
As more blockchain networks adopt USDC, with Sui being the latest, the role of permissionless composability has fueled the rapid expansion of new applications and blockchain networks by leveraging existing open technologies.
Native vs Bridged USDC on Sui
The introduction of native USDC to the Sui network simplifies transaction processes and enhances liquidity within the ecosystem. Users will now have the ability to access USDC directly on Sui, streamlining workflows and increasing overall value for participants.
Moreover, with the adoption of Cross-Chain Transfer Protocol (CCTP), users can eliminate delays typically associated with bridge withdrawals, thereby establishing a new standard for blockchain efficiency.
Native USDC offers distinct advantages compared to bridged USDC (wUSDC). Native issuance guarantees that the asset is fully reserved and can always be redeemed 1:1 for US dollars. This adds a layer of trust for developers and users alike, who can rely on the integrity of the underlying asset.
Native USDC on NAVI
In its pursuit to provide the highest level of asset composability on the Sui network, the NAVI Protocol will fully integrate native USDC as a lending and borrowing liquidity pool. As part of a broader ecosystem initiative, NAVI aims to incentivize users to transition away from bridged USDC and adopt native USDC entirely.
NAVI Protocol is committed to delivering the best possible experience for lending and borrowing, which includes the integration of native USDC, fully backed by US dollars and redeemable on a 1:1 basis. The upcoming migration plan is expected to accelerate the adoption of native USDC, thereby contributing to the growth and improvement of the Sui DeFi ecosystem.
A comprehensive migration plan will be shared in the coming days, outlining the steps necessary for a seamless transition.
About Circle
Circle is building the largest, most widely used stablecoin network so billions around the world can access digital dollars for payments and liquidity. The company currently manages USDC, the #2 stablecoin by market cap. It combines the power and stability of US Dollars with the speed of the internet, setting the groundwork for a new global and decentralized financial system.
About NAVI Protocol
NAVI is the inaugural liquidity protocol native to the Sui network. It seeks to establish the cornerstone for chains based on the Move system and aspires to be the premier liquidity protocol in the Sui DeFi ecosystem.
