Sui Moves $65B in Gasless Transfers; Co-Founder Predicts Growth

Since June 10 the Sui blockchain has processed more than $65 billion in fee-free stablecoin transfers after Mysten Labs removed gas fees for stablecoin movements at the protocol level. The $65 billion figure covers roughly two months of activity; the network has recorded about $2.27 trillion in cumulative stablecoin volume since early 2024.

Mysten Labs implemented the gasless mechanism on June 10, eliminating network fees for stablecoin transfers and removing the need for merchants or apps to hold a second asset to cover transaction costs.

On July 22 the Hashi testnet went live. The bridge allows bitcoin to serve as collateral for loans on Sui without wrapping it into a synthetic token. Mysten Labs and the Sui Foundation built the bridge with more than two dozen participating institutions to enable use of bitcoin value on Sui while leaving custody arrangements unchanged.

Evan Cheng, co-founder of Mysten Labs, forecasts Sui will handle every digital payment on the internet within four years. Co-founder Adeniyi Abiodun wrote earlier this year that “the entire internet is about to get free payments with privacy at scale” as Sui rolls out confidential-transaction features that make stablecoin transfers private by default.

Sui developers say confidential transactions address institutional concerns about public visibility of payment flows. The Hashi bridge and privacy features are presented as ways to attract transaction flow from large markets, including bitcoin’s roughly $1.4 trillion market, by enabling bitcoin-backed loans without wrapping.

Market data show the Sui token has been affected by recurring unlock schedules that add new supply. At the time of the report the token traded slightly above $0.60 and Sui’s market capitalization was about $2.8 billion.

Mysten Labs was founded in 2021 by engineers who previously worked on the Diem project and the Move programming language; the company cites that background when describing Sui’s payment infrastructure plans.

Mysten Labs expects adoption rates for gasless transfers and use of the Hashi bridge over the coming year will provide additional data on network usage.