Sui Processes $65B After Scrapping Stablecoin Fees

$65 Billion in Fee-Free Volume

@SuiNetwork has processed nearly $65 billion in stablecoin transactions since introducing gasless transfers, according to blockchain security firm CertiK, which reported the figure from activity recorded since June 10. The feature, announced by Mysten Labs in May, is a protocol-level upgrade that eliminates the need for users to hold or spend the native $SUI token to pay transaction fees when transferring stablecoins on-chain.

Supported stablecoins include USDsui, suiUSDe, AUSD, FDUSD, USDB, USDC, and USDY, with the feature designed to remove one of the largest friction points in stablecoin adoption: the requirement to hold a separate token to complete transactions.

The initiative was primarily aimed at simplifying business-to-business payments and microtransactions, though its impact has extended to retail users seeking a more streamlined payment experience. CertiK also noted that the network has recorded more than $2.27 trillion in cumulative stablecoin volume since early 2024.

Targeting SWIFT and Traditional Settlement Rails

Mysten Labs co-founder and CPO Adeniyi Abiodun (@EmanAbio) has been direct about the network's ambitions. In a recent interview, he said Sui's goal is to replace SWIFT and traditional rails by offering high scalability and privacy as key advantages.

Abiodun described the protocol update as removing overhead that blocks adoption, arguing that gas obligations force service providers to hold reserves, build payment logic, and monitor separate balances just to move stablecoins. Instead of charging transaction fees, Mysten Labs plans to generate revenue through treasury yields on stablecoin reserves and from sophisticated smart contract activities.

Sui is also testing private transactions on its devnet, with a proposal that offers controlled visibility for compliance and auditability while keeping transfer amounts and balances confidential. The combination of fee-free stablecoin transfers and planned privacy enhancements reflects Sui's effort to attract payment providers, enterprises, and retail users seeking blockchain-based alternatives to conventional payment rails.

Sources:
Sui Official Blog: Gasless Stablecoin Transfers Launch
Bitcoin.com: Sui Blockchain Registers $65 Billion in Stablecoin Volume
CoinTrust: Sui's Gasless Stablecoin Push Drives Massive Transaction Growth