The powerful blockchain, designed for fast and cheap transactions, has attracted attention and achieved large stablecoin volumes after making stablecoin movements free of charge at the protocol level. According to Certik, the network has cleared nearly $65 billion in stablecoins since June 10.
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Key Takeaways:
- Mysten Labs has lowered Sui fees, which has generated $65 billion in volume since June 10, after stablecoins transactions became free.
- Certik noted that Sui reached $2.27 trillion in volume since early 2024, with a focus on B2B markets and retail use.
- Adeniyi Abiodun said Sui aims to increase market acceptance as Devnet tests private transactions.
Sui turns heads with gasless stablecoin transactions and reaches $65 billion in settlements
Sui, a blockchain powerhouse, has taken a big gamble to bring stablecoin volume to its network, and it looks like it’s paying off.
In May, Mysten Labs announced that it is making a protocol-level change for gasless stablecoins transactions in Sui, meaning users will not have to pay fees in the native token, SUI, to move them on-chain.
This has increased the number of stablecoins traded on Sui, as users have flocked to the network to take advantage of this new feature, which was mainly aimed at simplifying B2B payments and microtransactions, but also affects retail usage.
Certik, a blockchain security company, revealed that Sui’s blockchain had processed nearly $65 billion in stablecoin transactions without paying fees since June 10. Additionally, the network has recorded more than $2.27 trillion in stablecoin volumes since the start of 2024.
Adeniyi Abiodun, co-founder and CPO of Mysten Labs, anticipated the impact of this move at the launch, calling it a game-changer and warning that it could make traditional settlement channels obsolete.
Abiodun recently highlighted the relevance of this feature by highlighting gasless stablecoin transactions “Remove HUGE overhead that blocks adoption.”
“Even at 1/1000th of a cent, gas forces you to hold reserves, build payment logic, monitor balances and account for a second asset just to move the first. For any service provider, that overhead is infrastructure, workforce and audit scope.” he assessed.
During a recent interview, he revealed that Sui’s goal was to replace SWIFT and traditional rails by offering high scalability and privacy as key benefits.
Sui is now testing private transactions in its devnet with a proposal that provides audited visibility for compliance and auditability, while keeping transfer amounts and balances confidential. Sui aims to introduce this feature in the near future.