Sui, a high-performance blockchain, has made a big bet on attracting stablecoin volume to its network, and it seems to be paying off.

In May, Mysten Labs announced a protocol-level change for stablecoin transactions with no gas fees on Sui, meaning users won't have to pay fees in the native SUI token for their transfers on-chain.

This has increased the volume of stablecoins circulating on Sui, as users flocked to the network to take advantage of this new feature, primarily aimed at simplifying B2B payments and microtransactions, but also impacting retail usage.

Certik, the blockchain security company, announced that since June 10, the Sui blockchain has processed transactions with stablecoins totaling nearly $65 billion without any fees. Additionally, since the start of 2024, the network has registered a stablecoin volume exceeding $2.27 trillion.

Adeniyi Abiodun, co-founder and Chief Product Officer at Mysten Labs, foresaw the implications of this move back at its launch, calling it a 'breakthrough' and warning that it could render traditional settlement channels obsolete.

Recently, Abiodun reiterated the relevance of this feature, noting that gasless transactions with stablecoins 'eliminate HUGE overheads that hinder adoption.'

"Even at a cost of 1/1000 of a cent, gas fees force you to hold reserves, develop payment logic, track balances, and consider a second asset just to move the first. For any service provider, these overheads include infrastructure, personnel, and auditing volume," he estimated.

In a recent interview, he stated that the goal of Sui is to replace SWIFT and traditional channels, offering high scalability and privacy as key advantages.

Currently, Sui is testing private transactions in its testnet with a proposal that ensures controlled visibility for compliance and audit purposes while maintaining the confidentiality of transfer amounts and balances. Sui plans to roll out this feature in the near future.