Nerds Republic

Native USDC is still planned on Sui, but things have changed since this previous post. The Token standard mentioned here was supposed to suit many use cases like stablecoins, loyalties and more. The issue with this new standard is that it doesn't support the fast path which would have make any transaction involving native centralized stablecoins less performant. Therefore, Mysten pivoted and modified the Coin module to add a new feature: the regulated currency. By issuing a Coin with create_regulated_currency, a DenyList object is added to a Coin type enabling OFAC-like functionality while still behaving like a Coin (consistent apis & fast-path maintained). The Token standard won't be abandoned but repurposed into loyalty systems, game economies and other closed-loop systems. The second pain point with Token is that each Token type can have different policies with different rules (similar to Kiosk), meaning that each policy needs to be handled differently by the frontends (dapps, wallets, etc). In the developer roadmap, enhanced support for Closed Loop Token across RPCs, fullnodes, indexers, and SDKs is planned for Q2. I'm expecting Mysten to propose a set of standardized policies for an easier integration on Sui dapps, similar to what they did with Kiosk.