Sui’s value surged after Circle announced native USDC support on its layer-1 blockchain mainnet, with USDC going live on Sui on Oct. 8. This move was reinforced by Coinbase adding USDC to its listing roadmap for Sui, contributing to the cryptocurrency’s price doubling in the past month. With Bybit integrating Sui on Launchpool, the network anticipates increased activity driving its total value locked beyond $1.55 billion.
The introduction of native USDC on Sui eliminates the need to bridge the stablecoin, expanding accessibility for DeFi protocols, gaming, physical infrastructure networks, and NFTs within the ecosystem. The previous reliance on a bridged version of USDC from Ethereum has transformed, potentially leading to Sui surpassing its current all-time high of $2.17. Despite recent price fluctuations aligning with the broader altcoin market, optimistic traders speculate price discovery could propel Sui beyond its previous peak. However, analysts like Altcoin Sherpa advise caution due to potential volatility and unlocking risks.