Odaily Planet Daily reports: Evan Cheng, co-founder of Mysten Labs, the development entity behind Sui, stated that within the next four years, the volume of digital payments processed on Sui could rival the combined scale of traditional internet card networks and banking payment rails. Mysten Labs was founded in 2021 by engineers who previously worked on Meta’s discontinued Diem blockchain and the Move programming language. Cheng positions Sui as an settlement infrastructure for stablecoins, remittances, and agent-based commerce between AI systems. Since Mysten Labs eliminated gas fees for stablecoin transfers at the protocol level on June 10, Sui has processed over $65 billion in stablecoin transfers. Since the beginning of 2024, Sui’s cumulative stablecoin transaction volume has reached $2.27 trillion. Sui’s Hashi testnet launched on July 22, enabling Bitcoin to be used as collateral for decentralized finance loans on Sui without being wrapped into synthetic tokens. This bridge was jointly built by Mysten Labs, the Sui Foundation, and over 20 participating institutions.
Sui processes over $650 billion in gas-free stablecoin transfers since June 10.
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Summary
On-chain data shows that Sui has processed over $650 billion in gas-free stablecoin transfers since June 10. Cumulative stablecoin volume reached $22.7 trillion in 2024. Evan Cheng stated that Sui could rival traditional payment systems within four years. The Hashi testnet, launched on July 22, enables Bitcoin to be used as collateral for DeFi loans without wrapping. While DeFi exploits remain a risk, the network continues to scale.
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