The Sui blockchain has moved nearly $65 billion in stablecoins in five days, the payoff from a protocol change that made those transfers cost nothing. The figure measures transfer throughput over the window, and it lands as Mysten Labs pitches the network as a replacement for traditional payment rails.

CertiK Skynet, a data dashboard by the blockchain security firm, reported that Sui settled close to $65 billion in stablecoin transfers since June 10 without users paying fees. The same data put cumulative stablecoin volume on the network above $2.27 trillion since early 2024. The catalyst was a protocol-level change that Mysten Labs, Sui’s founding contributor, rolled out on May 20, dropping stablecoin transfer fees to $0.00 and removing the need to hold the native SUI token to move funds.

The $65 billion measures transfer volume cleared over a five-day window. Sui’s standing stablecoin supply sits near $470 million, per DefiLlama, which ranks the chain outside the 15 largest by stablecoin market capitalization. A sub-$500 million float turning over tens of billions in days reflects dollars recirculating as payments, the behavior the fee-free design was built to encourage.

How the Gasless Design Works

Sui’s change covers single and batched peer-to-peer transfers of supported stablecoins, with the network absorbing the gas cost. Supported assets at launch included USDC, USDY, AUSD, FDUSD and the Bridge-issued USDsui and Ethena-issued suiUSDe. Mysten Labs framed the mechanism as structural rather than promotional, calling it “not a subsidy, sponsorship program, or temporary promotional initiative.”

Fireblocks, the custody and infrastructure platform that says it secures more than $14 trillion in digital asset transactions, integrated the feature before the rollout. That integration is what routes the design toward enterprises and financial-service providers rather than retail wallets alone.

The Institutional Pitch

For institutions, the friction Sui targets is operational overhead. Adeniyi Abiodun, Mysten Labs co-founder and chief product officer, argued that gas fees impose overhead far beyond their face value. “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,” he wrote. “For any service provider, that overhead is infrastructure, headcount, and audit scope.”

Abiodun has positioned the feature as a bid to displace correspondent-banking rails. At launch he described the goal as making Sui “the global rail for payments, whether they are for businesses, AI agents, and consumers.” Ran Goldi, Fireblocks’ senior vice president of payments and network, said the design “removes a major point of friction for enterprises building onchain payment flows.”

$1 Trillion

The throughput surge builds on momentum the network had already booked. Sui passed $1 trillion in cumulative stablecoin transfer volume since August 2025, a milestone reached before fees went to zero. Removing the per-transfer cost lowered the floor for micropayments and high-frequency machine-to-machine transfers, the use cases Mysten Labs has tied to agentic commerce.

The model leans on Sui’s parallel-execution architecture, which processes independent transactions simultaneously rather than in sequence. That throughput headroom is what lets the network absorb gas on stablecoin transfers without congestion pricing pushing costs back onto users.

Sui is separately testing private-by-default stablecoin transfers on its devnet, a feature that would add confidential transfer amounts with controlled visibility for compliance. The foundation has not set a mainnet date for that change.