Copper adds custody support for USDC on Sui

Copper, a digital assets custody and collateral management platform, has integrated support for the USDC stablecoin on Sui.

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

Circle enabled native USDC on Sui mainnet in October, bringing the stablecoin’s liquidity to developers and users on the Move programming language-based blockchain network. Native support eliminates the need for bridged USDC, enabling businesses to build decentralized applications across use cases such as decentralized finance, gaming, decentralized physical infrastructure networks and ecommerce.

In its announcement, Copper highlighted that support for the stablecoin on Sui’s mainnet and layer-2 assets will provide users with streamlined USDC usage.

“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,” Adam VandenBoogaard, co-head of revenue Americas at Copper noted.

The price of Sui has surged to a new all-time high amid growth across its DeFi, DePIN, and gaming ecosystems. On Dec. 5, the SUI token reached a record $4.40, reflecting total gains of 110% in the past month and over 560% in the past year.

Meanwhile, its total value locked has soared past $2 billion – DeFiLlama data shows it’s at $2.2 billion at the time of writing. Jameel Khalfan, head of ecosystem development at Sui Foundation said Copper’s collaboration will only boost the network further.

“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,” Jameel noted.