Sui blockchain processed nearly $65 billion in stablecoin transactions since June 10 following Mysten Labs' protocol-level change for gasless stablecoin transactions announced in May. The fee removal allows users to move stablecoins on-chain without paying fees in the native SUI token. Blockchain security firm Certik revealed that Sui has registered over $2.27 trillion in stablecoin volume since early 2024, with the gasless feature primarily focused on simplifying B2B payments and microtransactions while also affecting retail usage.
Certik Reports $65 Billion in Fee-Free Stablecoin Volume Since June 10
Certik revealed that Sui's blockchain had processed nearly $65 billion in stablecoin transactions since June 10 without paying fees. The network has registered over $2.27 trillion in stablecoin volume since early 2024. Users have been flocking to the network to take advantage of the gasless stablecoin transaction feature, which was primarily focused on simplifying B2B payments and microtransactions but also affects retail usage.
Mysten Labs Co-Founder Addresses Adoption Barriers in Stablecoin Transactions
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 Tests Private Transaction Feature on Devnet
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.
FAQ
What did Mysten Labs announce in May regarding Sui stablecoin transactions?
In May, Mysten Labs announced a protocol-level change for gasless stablecoin transactions in Sui, meaning users would not need to pay fees in the native token, SUI, to move stablecoins on-chain.
How much stablecoin volume has Sui processed since June 10?
According to Certik, Sui's blockchain has processed nearly $65 billion in stablecoin transactions since June 10 without paying fees, and the network has registered over $2.27 trillion in stablecoin volume since early 2024.
What is Sui currently testing on its devnet?
Sui is testing private transactions in its devnet with a proposal that offers controlled visibility for compliance and auditability while maintaining transfer amounts and balances confidential.
