Sui Completes Over $65 Billion in Gas-Free Stablecoin Transfers Since June 10

Since June 10, when Sui eliminated gas fees for stablecoin transfers, it has processed over $65 billion in stablecoin transactions. As of early 2024, Sui's cumulative stablecoin transaction volume has reached $2.27 trillion. Evan Cheng, co-founder of Sui's developing entity Mysten Labs, stated that within the next four years, Sui's digital payment scale will rival the combined scale of traditional internet bank card networks and banking payment rails. Sui is positioned as the settlement infrastructure for stablecoins, remittances, and business transactions between AI systems. Sui's Hashi testnet went live on July 22, allowing Bitcoin to be used as collateral for decentralized finance loans on Sui without needing to be wrapped as synthetic tokens. This bridge was built collaboratively by Mysten Labs, the Sui Foundation, and over 20 participating institutions.

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