Sui Blockchain Registers $65 Billion in Stablecoin Volume Following Major Fee Removal Protocol
Sui processed nearly $65 billion in stablecoin transactions since June 10 after Mysten Labs implemented gasless transfers. According to blockchain security firm Certik, the network’s total stablecoin volume since early 2024 reached $2.27 trillion, as the protocol removes the requirement for users to hold native SUI tokens to move assets on-chain.
Why is Sui seeing a surge in stablecoin volume?
The volume spike follows a protocol-level change introduced by Mysten Labs in May. This update allows users to transfer stablecoins without paying transaction fees in the network’s native SUI token.
Certik reports that this shift drove $65 billion in settlements in the weeks following the June 10 rollout. The feature targets B2B payments and microtransactions, though it has also increased retail activity. By removing the “gas” barrier, the network allows users to move funds without first acquiring a separate utility token.
How do gasless transactions challenge traditional banking?
Mysten Labs aims to replace traditional payment rails, including SWIFT, by offering higher scalability and lower operational friction. Adeniyi Abiodun, co-founder and CPO of Mysten Labs, stated that gasless transactions remove the “huge overhead” that typically blocks mass adoption.
Abiodun noted that even fees as low as 1/1000th of a cent force service providers to maintain reserves, build complex payment logic, and monitor balances. This creates a need for additional infrastructure, increased headcount, and wider audit scopes. By eliminating these requirements, Sui positions itself as a direct competitor to legacy settlement channels.
What happens next with Sui’s privacy features?
Sui is currently testing private transactions on its devnet to attract more institutional and corporate users. The proposal focuses on maintaining confidentiality for transfer amounts and balances while allowing controlled visibility for compliance and audit purposes.
According to Mysten Labs, this balance of privacy and auditability is intended to meet regulatory requirements while providing the discretion required for corporate finance. The network plans to introduce these features to the mainnet in the near future.
Comparing Sui’s Growth Phases
| Period | Stablecoin Volume | Primary Driver |
|---|---|---|
| Early 2024 to Present | $2.27 Trillion | General Network Growth |
| Since June 10 | $65 Billion | Gasless Transactions |
Frequently Asked Questions
They are transfers where the user doesn’t need to pay fees using the native SUI token, which is typically required on most blockchains.
The data was revealed by Certik, a blockchain security firm.
Sui aims to allow confidential transfers and balances while keeping a mechanism for compliance and auditing.
What do you think about the move toward gasless blockchain payments? Will it actually replace SWIFT? Let us know in the comments below or subscribe to our newsletter for more blockchain updates.