SUI hits all-time high as Copper adds USDC support

Sui, the layer-1 blockchain platform, has seen its native token’s value rise to a new all-time high of $4.40, with gains of over 16% in the past 24 hours. The blockchain network, which has witnessed significant growth across its DeFi, gaming, and real-world assets ecosystems, ranks as the 20 th largest cryptocurrency by market. Per CoinGecko data, Sui’s market cap is currently over $12.3 billion, which has increased sharply amid the 110% and 560% surge in SUI price over the past month and past year respectively. SUI traded at lows of $0.3648 in October 2023, which puts the current price level of $4.14 a notable 1,060% up. Analysts say Sui price could target $5 after its latest leg up. Copper adds USDC on Sui On Thursday, the Sui network hit upward momentum as a series of positive developments catalyzed bulls’ endeavors. Digital assets custody and collateral management provider Copper provided one of these positive announcements. In a blog post , Copper said it had added support for the USDC stablecoin on Sui. Circle’s USDC is a 1:1 USD redeemable stablecoin and is live on Copper’s custodial ecosystem, the company noted. Sui @SuiNetwork · Follow USDC on Sui now has the support of @CopperHQ ’s enterprise-grade custody infrastructure, adding even more momentum to Sui’s top 10 DeFi ecosystem! 9:17 pm · 5 Dec 2024 353 Reply Copy link Read 16 replies The integration comes nearly two months after Circle announced native USDC on Sui and will see institutional investors benefit from a reliable and secure USD-pegged stablecoin ecosystem. Stablecoin issuer Circle added native USDC on Sui in October. Adam VandenBoogaard, co-head of revenue for Americas at Copper, said: “Support USDC on the Sui blockchain is a notable step in strengthening our partnership with Sui. With much more to unlock across the stablecoin and Real-World Asset spaces, we’re committed to connecting the institutional finance world to on-chain opportunities on the Sui Network.” Integration key to DeFi Sui has seen its decentralized finance (DeFi) ecosystem grow to a total value locked of over $2 billion. The addition of USDC via Copper’s integration will drive growth in this space even further. Sui Foundation head of ecosystem development Jameel Khalfan noted this in a statement. Currently, Sui ranks among the 10 largest DeFi chains. Jameel added, “Adding support for this asset within Copper’s enterprise-grade custody services will only add to the astounding growth of Sui as a destination for DeFi users.” The positive news for Sui also includes Phantom Wallet’s support. The layer-1 blockchain announced on Thursday that the DeFi and NFTs wallet is “coming to the Sui ecosystem.” Users will benefit from multi-chain support, native bridges, and asset swaps among other features. The post SUI hits all-time high as Copper adds USDC support appeared first on Invezz

Source: Invezz