All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Sui Network now supports native USDC, and NAVI has been integrating it from day one.
- NAVI’s $120M USDC liquidity pool is the third-largest in the industry, enhancing capital efficiency.
The Sui Foundation has announced full support for native USDC on its network, marking a significant milestone in the decentralized finance (DeFi) landscape. NAVI, a leading liquidity and DeFi protocol on Sui, also announced its intention to support Circle’s native USDC asset on Day 1 of its availability. Having integrated with $120 million in USDC liquidity, NAVI has made Sui an important participant in the USDC market alongside Aave and Compound.
This integration is expected to enhance the flow of capital within the Sui ecosystem and improve the user experience of the participants. With the complete support of native USDC, Sui and NAVI plan to increase their market presence and increase the usage of their products in the blockchain sector.
Native USDC Integration Streamlines Transactions on Sui
The integration of native USDC on the Sui network enhances transaction ease and enhances liquidity. With the ability to mint USDC on Sui directly, users no longer have to go through multiple steps and add more value to the network. The transition also assists in avoiding the use of conventional bridges that have been a major cause of hold-up in the past.
NAVI has also integrated the Cross-Chain Transfer Protocol (CCTP) to support native USDC and enable users to transfer USDC across blockchains with no delays in withdrawals. This approach defines a new standard for the speed and efficiency of transactions in decentralized platforms.
The native USDC has several advantages over its bridged counterpart, wUSDC, with the primary one being the full backing by U.S. dollars. This provides users an additional layer of trust, as native USDC is fully reserved and redeemable at a 1:1 ratio. Native USDC is more stable and secure than other forms of USDC, meaning developers and participants can have more faith in its usage.
Native USDC on Sui eliminates the risk of bridge withdrawals and makes for faster and more efficient transfers. This improvement not only increases the users’ satisfaction but also increases the usage of the asset in the ecosystem.
NAVI Spearheads Transition from Bridged to Native USDC
NAVI is also part of a larger process of promoting the transition from bridged USDC to the native version. The protocol will include native USDC in its lending and borrowing liquidity pools, providing better opportunities for asset interoperability within the Sui ecosystem. This is expected to improve the performance of the Sui DeFi ecosystem since users will be offered better services and rewards.
The migration plan that NAVI is expected to reveal in the next few days will help users to switch to native USDC without any problems. Through this acceleration of the migration, NAVI hopes to encourage the use of native USDC and thus strengthen Sui in the blockchain sector.
Some of the protocols that will be integrating native USDC on Sui on day one include Aftermath Finance, Cetus, DeepBook, FlowX, Hop, Kriya, Navi Protocol, Scallop, Suilend, Sui Wallet, Turbos, Typus, and 7K with some of them to offer swaps from bridged USDC to a new native token.
