Sui price climbed after the developers said users can now send supported stablecoins without holding SUI▲$0.7546 for gas fees.
Sui, a Layer-1 blockchain built around the Move programming language, has rolled out gas-free transfers for stablecoins on its mainnet to increase adoption and focus more on payments settlement.
The developers said in an X post today that the new protocol-level feature lets users send supported stablecoins peer-to-peer without paying gas fees or holding a separate SUI token balance.
The upgrade is meant to fix one of the more irritating parts of on-chain payments, where users who hold stablecoins still have to pay extra fees with a blockchain’s native token just to move them.
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Sui Privacy Push
The launch, which is supported by blockchain infrastructure firm Fireblocks, initially supports stablecoins including USDsui, SuiUSDe, AUSD, FDUSD, USDB, USDC▼$0.9998 and USDY▲$1.13. The team explained:
“Gasless stablecoin transfers are powered by Address Balances, a new account-style balance system launching simultaneously on Sui Mainnet.”
The price of SUI rose by 5% after the news, reaching $1.11 in value and giving the coin a market cap of $4.4 billion according to data from CoinGecko.
The gasless transfer rollout follows another payments-focused update from Mysten Labs, the original developer behind Sui.
Earlier in May, Adeniyi Abiodun, Mysten Labs’ co-founder and chief product officer, said confidential transactions would also launch on Sui, but later this year. He also said these will first be rolled out for stablecoins and then other assets like tokenized stocks and bonds.
Read more: Stablecoin Market Cap Exceeds $323B — Record High as USDT Dominates
