Sui stablecoin volume hits $65B after fee cut

Sui has processed nearly $65 billion in stablecoin transactions since June 10 after introducing protocol-level fee-free transfers, according to blockchain security firm CertiK.

The surge follows a May update from Mysten Labs that eliminated the need for users to pay transaction fees in the network’s native SUI token when transferring stablecoins on-chain.

The change was designed primarily to simplify business-to-business payments and microtransactions, although retail users have also benefited from the lower-friction payment experience.

CertiK said the network has recorded more than $2.27 trillion in cumulative stablecoin volume since early 2024, highlighting growing activity across the ecosystem.

“Adeniyi Abiodun,” co-founder and chief product officer of Mysten Labs, previously described the feature as a potential game-changer and argued that transaction fees create operational complexity that slows 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,”

Abiodun said.

Abiodun has also outlined a broader ambition for Sui to compete with traditional financial settlement networks by combining scalability, low-cost transactions and privacy-focused infrastructure.

As part of that strategy, Sui is currently testing private transaction functionality on its development network, allowing transaction amounts and balances to remain confidential while still supporting compliance and audit requirements.

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.

At the time of reporting, Sui price was $0.7907.