Circle, a prominent stablecoin issuer, is enhancing the issuance of its USD Coin (USDC) and is set to implement its Cross-Chain Transfer Protocol on the Sui layer-1 blockchain.
On September 17, Evan Cheng, the co-founder and CEO of Mysten Labs, announced a partnership with Circle aimed at integrating USDC into the Sui blockchain. This collaboration is expected to significantly increase liquidity within Sui’s rapidly growing ecosystem, attracting more users to the platform.
Since its launch in 2023, Sui has rapidly garnered attention in the crypto industry, lauded for its user-friendly design and notable partnerships, such as its collaboration with the DeLorean automotive brand, which aims to infuse innovation into the automotive sector.
Additionally, Grayscale, a leading crypto asset management firm, has introduced its Sui Trust for accredited investors, highlighting the increasing interest in the Sui network.
Growing Impact of USDC
USDC stands as the second-largest stablecoin in the digital currency landscape, boasting a circulating supply that surpasses $35 billion. Circle has confirmed that USDC operates across 15 blockchain networks, including Ethereum, Algorand, Arbitrum, Avalanche, Polkadot, Base, and Polygon.
Circle promotes USDC as a compliant digital asset, ensuring comprehensive user protections. The company recently disclosed plans to relocate its headquarters to the World Trade Center in New York City.
However, Circle has not been without its controversies. Blockchain investigator ZachXBT has publicly criticized the company, pointing to delays in blacklisting a wallet associated with North Korea’s Lazarus Group.
In a post on X dated September 17, ZachXBT illustrated how Circle has struggled to protect the crypto ecosystem effectively. He expressed concerns regarding the company’s delayed responses in addressing malicious activities and highlighted the challenges faced by users who inadvertently sent USDC to contract addresses due to poor user interface design.
ZachXBT stated: “A large number of users have accidentally transferred USDC to the contract address on various chains due to bad UX in the ecosystem. While yes, it is the user’s fault, Circle does have the ability in the contract to transfer the funds back to the rightful owner, yet unlike their competitors, it will not help you.”
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