Native USDC is now available on Sui, making it the first Move-based Layer 1 to partner with stablecoin provider Circle. In addition to native USDC, Sui will continue to support the bridged form of the token,wUSDC, which was migrated from Ethereum through Wormhole. “This is no ordinary stablecoin,” wrote the Sui team on X. “USDC enables seamless Web3 interactions in the real world. From purchasing a SuiPlay0X1 to movie tickets, you will be able to purchase with the same speed and security of a fully onchain transaction.” SUI spiked more than 10% to $1.98 on the news. The token has been on a roll in September, leading the way for the altcoin market. On the year, it is up 380% as it nears its all-time high of $2.17. While Sui celebrates, USDC sours. The second largest stablecoin by market capitalization has been faded by investors in the past fortnight. Dropping to $34.8 billion from $36.3 billion, the asset has registered a 5% supply drop seemingly overnight. Meanwhile, some of its competitors are enjoying hefty gains in their market caps. USDT, the world’s most used digital asset by 24-hour volume, has been in a consistent uptick with a market cap of $119 billion. Currently the fourth most valuable stablecoin, First Digital USD (FDUSD) soared 20% to $3.2 billion from $2.6 billion in a matter of days. However, there aren’t clear reasons why the token spiked. Large-cap stablecoins that are enduring similar pain are DAI and USDe, both of which have seen their market caps drop in recent weeks. The former has some nuance, however, since a lot of investors have been swapping it for the newly branded USDS, which jumped to a $1 billion supply in two weeks. The data continues to tell an interesting story. Tether’s USDT has an ironclad hold on the stablecoin sector, which seems unassailable, at least for now.