The narrative surrounding SUI's native stablecoin is gaining traction, with Stripe spearheading the development of a new payment cycle.
Key points
The SUI ecosystem is experiencing a boom in native stablecoins : in November, two major native stablecoins, USDsui and rcUSD, were launched consecutively. Coupled with Stripe's Bridge platform technology support, this propels SUI to become an emerging payment-grade blockchain. Within 24 hours, it recorded a net inflow of $2.4 billion in stablecoins, surpassing Aptos and Ethereum, demonstrating strong market appeal.
Native stablecoin ecosystem layout
USDsui: A compliant stablecoin powered by Stripe Bridge
USDSUI, officially launched on November 12th, becomes the flagship native stablecoin of the Sui ecosystem, issued through the Open Issuance platform of Bridge, acquired by Stripe. (Coindesk , Yahoo)
Key features :
- Compliance : Meets US regulatory requirements and prepares for the GENIUS Act.
- Cross-chain interoperability : Supports wallets such as Phantom, Hyperliquid, and MetaMask.
- Revenue sharing mechanism : 90% of the revenue will be used to buy back SUI tokens, forming an ecosystem incentive cycle.
- Payment-grade performance : Supports $200-500 billion in stablecoin transactions per month on the Sui network.
rcUSD/rcUSDp: Institutional-grade stablecoins backed by RWA
On November 25th, the R25 protocol launched two RWA-backed stablecoins: rcUSD (1:1 pegged to the US dollar) and rcUSDp (a yield token). (blog.sui rootdata )
| Stablecoin type | Anchoring mechanism | Source of revenue | DeFi Integration |
|---|---|---|---|
| rcUSD | RWA Asset Support | Stable at $1 | Lending, liquidity mining |
| rcUSDp | rcUSD Collateral | RWA Rewards + On-Chain Incentives | Pledge/Unpledge at any time |
Fund inflows and TVL performance
Stablecoin funds see significant inflow
Phemex saw a net inflow of $2.4 billion in the past 24 hours (November 24-25), ranking first globally and surpassing Aptos ($472 million) and Ethereum ($346 million).
| Time period | Stablecoin market capitalization | range of change | Key driving factors |
|---|---|---|---|
| November 27 | $653 million | +5.84% (7 days) | USDsui/rcUSD listing effect |
| November ATH | $918 million | +148% (YTD) | The narrative of native stablecoins is gaining traction. |
| August-September | $412 million in transfers | Total $412 billion | Improved ecological infrastructure |
DeFi TVL hits a new all-time high
Total locked value reaches $2.6 billion ATH , with stablecoin-related protocols playing a significant role: defillama
| protocol | TVL | Functional positioning | Stablecoin integration |
|---|---|---|---|
| Suilend | $271 million | Loan Agreement | 70%+ stablecoin collateral |
| NAVI | $255 million | Profit Farm | Stablecoin liquidity pools |
| Bucket Protocol | $72.85 million | Stablecoin minting | BUCK native stablecoin |
Community sentiment and market response
Positive narrative cognition
Social media sentiment is overwhelmingly positive , with the community viewing USDsui as Sui's "stablecoin moment," reinforcing native liquidity and ecosystem control. x.com
Key narrative points :
- The concept of "sticky liquidity" : Stablecoin yields are directly returned to SUI token holders.
- Evolution of Payment-Grade Blockchain : From High-Performance L1 to Payment-Grade Chain
- Regulatory-friendly positioning : Aligning with the US compliance framework to attract traditional financial institutions.
KOL opinion summary
| Source of viewpoints | Core arguments | Impact Assessment |
|---|---|---|
| Sui Official | USDsui strengthens the payment and DeFi ecosystem, with a profit-sharing mechanism. | Ecological Economic Anchor |
| Bridge Team | Native stablecoins allow blockchains to "control their own currency." | Enhanced economic sovereignty |
| KOL Analyst | "Intergenerational Opportunities," Regulatory Preparedness, and Integration Potential | Institutionalized use of signals |
Stripe's role in the new payment cycle
Bridge platform technology empowers
Stripe, through its Bridge platform (formerly Stablecoin) , provides issuance and compliance support for USDsui, and is seen as a bridge between traditional fintech and blockchain. (x.com )
Payment cycle innovation :
- Fiat currency backing + built-in compliance tools : reducing friction in cross-border and institutional use.
- Global payment flow interoperability : Connecting traditional payment channels with on-chain fund flows
- Revenue Cycle Design : 90% of revenue flows back to SUI for repurchase, creating a symbiotic payment cycle.
Strategic partnership
World Liberty Financial (WLFI) : Trump-related DeFi projects are including Sui assets in their "macro strategy" reserves to explore product development. blog.sui
EVE Frontier : CCP Games MMO migrates from EVM to Sui, leveraging its scalability, security, and composability. blog.sui
Technical indicators and on-chain data
Stablecoin distribution structure
| Stablecoins | Market capitalization percentage | Daily changes | Ecological role |
|---|---|---|---|
| USDC | 74.58% (475 million) | -1.47% | Dominating liquidity |
| FDUSD | 9.7% (63.4 million) | -0.11% | New native integration |
| USDT | 7.8% (50.8 million) | +6.84% | Cross-chain bridging |
| BUCK | 4.0% (26.3 million) | +0.14% | Native overcollateralization |
Network activity metrics
Transaction processing capacity : Theoretical peak of 297,000 TPS, actually processed $412 billion in stablecoin transfers between August and September. (blog.sui )
Fee revenue : Daily on-chain transaction fees of $7,973-$12,032, and DEX trading volume of $360 million (24 hours).
in conclusion
Sui's native stablecoin narrative is forming a differentiated combination of advantages: compliance-native, revenue-sharing, and payment-grade performance . The successive launches of USDsui and rcUSD, coupled with the technical support of Stripe Bridge and the participation of traditional financial institutions (BlackRock, World Liberty Financial), demonstrate the enormous potential of bringing TradeFi liquidity onto the blockchain.
Investment Focus :
- The $2.4 billion inflow in a single day confirms the strong market demand for native stablecoins.
- The 90% profit buyback mechanism provides fundamental support for the SUI token.
- Compared to competitors like Solana/Ethena, Sui's regulatory friendliness and payment-grade positioning give it a first-mover advantage.
With more native stablecoins (suiUSDe, USDi) set to launch in Q4, Sui is poised to solidify its leadership in next-generation payment infrastructure.