NAVI wants your Ethereum USDC on Sui. No new wallet, no bridge. You hand it over, and someone else carries it across.
NAVI opened its first Ethereum vault on Oct. 26, built on Lagoon. Deposit native USDC and get nUSDC shares. Requests settle in batches, usually within about 24 hours, then NAVI, as curator, bridges the USDC to Sui and lends it through its USDC Prime vault.
Early Monday the vault had room for about $1M and held roughly $1,000. Meanwhile stablecoins on Sui slid from about $567M on Oct. 21 to $444M. SuiWire found no audits published for the new vault or for Prime itself.
The bridge didn't go away. It just got a job title.
Source: SuiWire