- Sui holds nearly $500 million in stablecoins despite processing $65 billion in zero-fee transfers.
- Fresh issuance could drive further growth.
Sui’s stablecoin supply is holding near $500 million despite a sharp rise in stablecoin transfer activity across the network. Recent data shows that Sui has processed more than $65 billion in fee-free stablecoin transfers since June 10.
The figures highlight a growing gap between stablecoin activity and the amount of stablecoins held on the network.
Sui Stablecoin Supply Remains Below Its Peak
Sui’s stablecoin supply currently stands near $478 million, according to DeFiLlama data cited in the report. That level remains about 69% below the $1.6 billion peak recorded in May 2025.
The supply later fell to around $492 million by the end of the first half of 2026. Since then, it has remained relatively stable around the $500 million range.
While some community reports have pointed to a recovery toward $500 million, on-chain data suggests the supply has been near this level for several months.
This means Sui has yet to regain a large portion of the stablecoin liquidity it held during its 2025 peak.
Zero-Fee Transfers Drive $65B in Volume
Stablecoin transfer activity tells a different story.
In May, Mysten Labs introduced a protocol-level update that made stablecoin transfers on Sui free. The change also removed the need to hold SUI simply to move supported stablecoins. The feature covers seven stablecoins, including USDC, USDsui, SuiUSDe, AUSD, FDUSD, USDB and USDY.
Since June 10, Sui has processed more than $65 billion in fee-free stablecoin transfers. CertiK tracked the figure, although it did not provide a breakdown of the stablecoins or counterparties behind the volume.
Sui has also recorded more than $2.27 trillion in cumulative stablecoin transaction volume since early 2024. That activity represents around 16 billion transactions. The numbers show that Sui is handling significant stablecoin traffic even though its stablecoin supply remains relatively flat.
High Volume Does Not Mean Higher Supply
The difference between transfer volume and stablecoin supply is not necessarily a contradiction.
Zero-fee transfers can encourage users and applications to move stablecoins more frequently. Funds can flow between wallets and platforms without remaining on Sui for long periods. As a result, high transaction volume does not automatically lead to a larger stablecoin balance on the network.
Sui’s Hashi bridge testnet has also shown strong activity. Since launching on July 22, it reportedly processed more than 1.1 million deposits and over 165,000 withdrawals within three weeks.
For Sui’s stablecoin supply to move well above $500 million, new issuance or larger institutional deployments may be more important than transfer activity.
USDC remains the leading stablecoin on Sui. Additional issuance from Circle, growth from other issuers, or a new native stablecoin could provide a stronger boost to Sui’s onchain stablecoin supply.
For now, Sui is processing billions of dollars in stablecoin transfers while the amount held on the network remains near $500 million.
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