DeFi lending and borrowing platform Suilend recently announced that it now adds support for the native USDC, the flagship stablecoin issued by Circle. News of this integration comes three weeks after Circle revealed plans to launch its dollar-pegged stablecoin on the layer-1 Sui blockchain.
Introducing Native $USDC on Sui is now available on Suilend!
We’re excited to partner with @circle to support Native USDC on @SuiNetwork from day one.
Learn more about this announcement and the USDC migration process ⤵️ pic.twitter.com/xsqERHEjuy
— Suilend (@suilendprotocol) October 8, 2024
Native USDC Joins Suilend
Previously, users on the Suilend protocol could access USDC by leveraging the Wormhole-wrapped USDC. The bridged version of the stablecoin accounted for 65% of the market share of stablecoins (over $280 million) traded on the Sui network.
However, the recent integration with the native USDC allows users to migrate to direct interaction with Circle’s dollar-pegged stablecoin. It will also enhance users’ and developers’ interoperability by adding liquidity, improving market efficiency across the ecosystem, and streamlining transactions.
Suilend has urged users to interact directly with the native USDC stablecoin without the Wormhole-Wrapped bridge. Those with balances in bridged USDC are also advised to migrate to the native version of the digital asset. The DeFi lender added an incentive for users, offering zero fees for borrowing actions for a limited time.
Suilend’s dashboard shows that over 17.8 million USDC have been deposited into the protocol and 12.3 million USDC borrowed within a few days of its debut.
Circle Expands Ecosystem
Suilend’s addition of support for USDC stablecoin will grow the digital asset’s market performance. For instance, on-chain data reveals that the stablecoin’s daily trading volume soared to $7.3 billion shortly after the announcement.
Over the past few months, Circle has made several moves to boost the adoption of its USDC stablecoin. One such move is that the stablecoin is now available on more than 15 blockchains, including Avalanche, Polygon, Base, and more.
In other news, Circle joined forces with Sony to bring USDC into Soneium, an Ethereum layer-2 network aimed at boosting Web3 adoption.
