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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 20th 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.
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!
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.
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