Copper adds custody support for USDC on Sui

Digital asset custody and collateral management platform Copper has provided integrated support for USDC stablecoin on Sui.

The platform announced on December 5 that USDC (USDC), a stablecoin pegged to the US dollar, is now available on Sui (SUI) through its infrastructure. This makes Copper one of the first digital asset custodians to support stablecoin on the layer 1 blockchain.

Circle enabled native USDC on the Sui mainnet in October, making stablecoin liquidity available to developers and users on its Move programming language-based blockchain network. Native support eliminates the need for bridged USDC, allowing businesses to build decentralized applications in use cases such as decentralized finance, gaming, decentralized physical infrastructure networks, and e-commerce.

In his announcement, Copper emphasized that stablecoin support on Sui’s mainnet and layer 2 assets will provide users with easier USDC usage.

“Supporting USDC on the Sui blockchain is a remarkable step in strengthening our partnership with Sui. “With much more to unlock in the Stablecoin and Real World Asset spaces, we are committed to connecting the world of corporate finance to the on-chain opportunities on the Sui Network,” said Adam VandenBoogaard, vice president of Americas revenue at Copper.

The price of Sui rose to an all-time high amid growth in the DeFi, DePIN, and gaming ecosystems. On December 5, the SUI token reached a record $4.40; This reflects a total gain of 110% last month and over 560% last year.

Meanwhile, the total value locked has exceeded $2 billion; DeFiLlama data shows $2.2 billion at the time of this writing. Jameel Khalfan, head of ecosystem development at Sui Foundation, said Copper’s collaboration will further strengthen the network.

“Adding support for this asset to Copper’s institutional-grade custody services will only add to Sui’s staggering growth as a destination for DeFi users,” Jameel said.