Copper, a firm focused on digital asset custody, collateral management and prime services, is announcing that it is one of the first custodians to enable support for USDC on Sui.
USDC is a digital dollar, backed by “highly liquid” cash and cash-equivalent assets, and is redeemable “1:1 for US dollars.”
The majority of the USDC reserve is reportedly invested in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund, positioning USDC as a “transparent stablecoin and enabling a range of innovative applications.”
USDC on Sui is “immediately” available on Copper’s infrastructure.
Additionally, USDC is natively supported on the Sui blockchain network, blending security and speed on a platform designed “with both developers and users in mind. Sui is a layer-1 (L1) blockchain that offers fast, secure, scalable, and affordable infrastructure for developers building on-chain apps.”
Copper’s support for Sui layer-1 and layer-2 assets provides clients a streamlined “path to engage with USDC.”
This development is a significant milestone in the digital asset space, providing a reliable and secure stablecoin “connecting institutional investors to engage with a fast, secure, and reliable blockchain network.”
Adam VandenBoogaard, Co-Head of Revenue Americas at Copper commented:
“We’re thrilled to be a strategic partner of the Sui Foundation. 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.”
Jameel Khalfan, Head of Ecosystem Development for Sui Foundation.
“Since adding native USDC, Sui has eclipsed $1.6B in TVL and 7-day on chain volume is over $2B, placing Sui solidly within the top 10 of all DeFi ecosystems. 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.”
As noted in the update, Sui is a Layer 1 blockchain and smart contract platform designed from the ground up to “make digital asset ownership fast, private, secure, and accessible to everyone.”
Its object-centric model, based on the Move programming language, “enables parallel execution, sub-second finality, and rich on-chain assets.”
With horizontally scalable processing and storage, Sui supports a “wide range of applications with unrivaled speed at low cost.”
Sui is a step-function advancement in blockchain and a “platform on which creators and developers can build amazing user-friendly experiences.”
Since being founded in 2018, Copper.co has been building the standard for institutional digital asset infrastructure with a “focus on custody and collateral management.”
Underpinned by technology, Copper has built a suite of products and services required to “safely custody and trade digital assets.”
At the core of Copper’s infrastructure is ClearLoop, which enables clients to manage collateral and settle trades across exchanges, while “mitigating counterparty risk and increasing capital efficiency.”