Key Takeaways
- Mysten Labs cut Sui fees, driving $65B volumes since June 10 after making stablecoins transactions free.
- Certik noted Sui hit $2.27T in volume since early 2024, focusing on B2B markets and retail use.
- Adeniyi Abiodun states Sui aims to increase market adoption as devnet tests private transactions.
Sui Attracts Attention With Gasless Stablecoin Transactions, Reaches $65 Billion in Settlements
Sui, a high-performance blockchain, made a big bet to bring stablecoin volume to its network, and it seems it is paying off.
In May, Mysten Labs announced that it was rolling out a protocol-level change for gasless stablecoins transactions in Sui, meaning that users would not need to pay fees in the native token, SUI, to move them on-chain.
This has increased the volume of stablecoins being transacted on Sui, as users have been flocking to the network to take advantage of this new feature, which was primarily focused on simplifying B2B payments and microtransactions but also affects retail usage.
Certik, a blockchain security firm, revealed that Sui’s blockchain had processed nearly $65 billion in stablecoin transactions since June 10 without paying fees. Also, the network has registered over $2.27T in stablecoin volume since early 2024.
Adeniyi Abiodun, co-founder and CPO of Mysten Labs, anticipated the effect of this move at its launch, calling it a game-changer and warning that it might render traditional settlement channels obsolete.
Abiodun recently reinforced the relevance of this feature, stressing that 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, headcount, and audit scope,” he assessed.
At a recent interview, he revealed that Sui’s goal was to replace SWIFT and traditional rails by offering high scalability and privacy as key advantages.
Sui is now testing private transactions in its devnet with a proposal that offers controlled visibility for compliance and auditability while maintaining transfer amounts and balances confidential. Sui aims to introduce this feature in the near future.
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