- Sui developers have launched free transactions for seven stablecoins on the first-tier mainnet.
- Gas fees are no longer charged on the Sui network for USDsui, suiUSDe, AUSD, FDUSD, USDB, USDC and USDY transfers.
Sui Network Team abolished Transaction fees for seven stablecoins on its mainnet, layer one, will be reduced. This means that all transfers involving these assets will be completely free for users. These “gas-free” transfers apply to the stablecoins USDsui, suiUSDe, AUSD, FDUSD, USDB, USDC, and USDY.
“Stablecoins are becoming an integral part of the global financial system, but the infrastructure around them still creates unnecessary complexity. “With zero-touch stablecoin transfers, we’re one step closer to Sui becoming a global payment system for businesses, AI agents, and consumers,” commented Adeniyi Abiodun, co-founder and chief people officer of Mysten Labs.
From August to May this year Sui processed Over $1 trillion in stablecoin transactions. In March, the network also launched USDsui, pegged 1:1 to the US dollar. Additionally, four SUI exchange-traded products have been launched globally this year.
SUI, the native coin of the Sui blockchain, reacted positively to the news. On the evening of May 22, it traded at $9,82, up 2,82% over the past 24 hours. Trading volume fell 18,36% to $321 million, while the market capitalization stood at $7,14 billion.
The Sui team previously introduced another innovation, Address Balances. This is a system of balances in the form of accounts for digital assets on the blockchain. Now users will be able to store and transfer supported stablecoins using the balance system in the form of accounts on the Sui blockchain.
This feature makes it possible to transfer stablecoins without gas fees, and it completely changes the approach to tracking balances on the blockchain, stated Sui developers.
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