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The broader SUI crypto ecosystem is entering a new phase of growth, driven by stablecoin innovation, institutional products, and rising on-chain trading activity.
Summary
What does the new USDsui stablecoin bring to the Sui ecosystem?
The Sui network already hosts several stablecoins, including native USDC issued by Circle, $suiUSDe in partnership with Ethena, $YLDS from Figure, and $USDi backed by BlackRock9s tokenized money market fund, BUIDL. However, the ecosystem has now gained another native asset: $USDsui, issued by Bridge.
Bridge, which was acquired by Stripe earlier in the year with the deal finalized in mid-October, is already active on platforms such as Phantom, Hyperliquid, and MetaMask.
Moreover, this presence enables interoperability for $USDsui across Bridge9s own ecosystem and with other Bridge-powered stablecoins. USDsui is formally issued by Stablecoin, a Stripe company.
How are Grayscale and ETFs increasing institutional exposure to Sui?
The Grayscale Sui Trust (ticker: GSUI) began trading on OTCQX on November 20, 2025, marking a significant step for public-market access. Over-the-counter (OTC) trading refers to private, direct trades between two parties, usually facilitated by OTC desks. These desks match buyers and sellers and negotiate a single fixed price, bypassing public order books.
Grayscale, a major digital-asset investment platform, had previously offered the Sui Trust via private placement to eligible accredited investors since August 2024.
That said, the product has now transitioned from private placement to public markets. Separately, 21Shares filed for two ETFs 6 the FTSE Crypto 10 Index and the FTSE Crypto 10 ex-BTC Index 6 both of which include SUI, expanding potential U.S. access to the token.
These SUI ETF filings provide U.S. investors with diversified exposure that includes SUI within broader crypto index strategies. Moreover, they reinforce the narrative of growing sui institutional adoption as regulated products begin to incorporate the asset.
Which perp DEXes are leading derivatives activity on Sui?
Several perpetual derivatives platforms are active on Sui, forming a key part of the expanding SUI ecosystem DEX landscape. Zo is a perpetual protocol that uses AI-driven agents to assist with trading, risk automation, and on-chain position management. This AI focus aims to improve execution and risk oversight for advanced traders.
Astros operates as a perpetual-futures DEX and aggregator powered by NAVI Protocol, integrating liquidity and lending to enable perps trading. Moreover, Aftermath Finance runs an on-chain order-book perpetual trading platform, offering on-chain trade matching and settlement for users who prefer transparent order books.
BlueFin, the largest perps platform on Sui, offers perpetual futures, spot trading, and lending with sub-second settlement and a centralized-exchange-like experience. FlowX Finance, meanwhile, is a decentralized derivatives platform that delivers on-chain perp futures with high speed and low fees while preserving self-custody for traders.
Collectively, these venues contribute to the growth of sui perp exchanges and related liquidity.
How fast is on-chain trading growing across Sui ecosystem coins?
Ecosystem metrics highlight accelerating activity on Sui-based assets. Approximately 1,300 BTC are deployed in Suilend markets, estimated at about $110 million using a BTC price of $84,000. Moreover, cumulative trading volume for BTC on Sui exceeds $3.2 billion, with daily peaks above $22 million, underscoring significant derivatives and spot demand.
| Metric | Value |
| BTC in Suilend markets | 1,300 BTC |
| Estimated BTC value (at $84,000) | $110 million |
| Cumulative BTC trading volume on Sui | $3.2 billion |
| Daily BTC trading peaks on Sui | Above $22 million |
Multiple BTC variants circulate across DeFi protocols on Sui for lending, restaking, and yield strategies. This activity supports a growing base of sui trading volumes and indicates rising sophistication among protocol designers and liquidity providers.
What role do tokenized assets and RWAs play in Sui institutional adoption?
Institutional and tokenized products are increasingly being deployed on Sui, adding depth to the broader sui ecosystem projects landscape. Franklin Templeton and Libre have used Sui infrastructure to roll out live tokenized products and real-world-asset (RWA) offerings. Furthermore, these initiatives show that traditional finance actors are willing to experiment with Sui as a base layer.
In Europe, VanEck issued a collateralized SUI exchange-traded note (ETN) backed by SUI tokens held in custody. In the U.S., Canary filed for a SUI ETF, adding to the roster of potential regulated products. Together, these steps signal that institutional pipelines for Sui exposure are steadily maturing.
Tokenized gold has also been launched on Sui via $XAUm by Matrixdock, backed by 99.99% gold stored in audited vaults.
Moreover, XAUm is included among assets held in the Sui Foundation9s treasury and is integrating into the DeFi ecosystem. This growth in sui tokenized assets demonstrates how RWAs and commodities are being bridged into on-chain markets.
How do these developments position the SUI ecosystem for 2025 and beyond?
Recent developments combine to create a more complete market structure around Sui. The launch of USDsui, public trading of the Grayscale Sui Trust on OTCQX, and multiple ETF filings that include SUI all strengthen institutional channels.
At the same time, the expansion of on-chain perpetual DEXs and BTC-based liquidity deepens derivatives and lending markets.
Moreover, the rise of tokenized gold, RWAs, and Franklin Templeton9s tokenization initiatives on Sui shows growing confidence from established financial players.
Additional RWA-focused platforms such as Matrixdock and European issuers like VanEck further enhance credibility. Overall, the sui ecosystem appears poised for continued growth across DeFi, institutional products, and tokenized assets.