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On-chain data and new financial products are positioning SUI as a more serious contender in the next market cycle, with the Layer-1 network reporting steady activity across trading, stablecoin usage, and developer growth.
SUI Network has total value locked (TVL) of approximately $583 million, alongside daily decentralized exchange (DEX) volume of about $60 million.
Developer and user activity also continues to expand. Monthly active developers have grown 219% year-over-year to roughly 1,400. The ecosystem includes over 500 active projects and close to 300,000 daily active users, with daily active users reported in a range of 150,000 to 300,000.
SUI’s stablecoin supply is about $519 million, with USDC accounting for roughly 72% of that total. Monthly stablecoin volume exceeds $100 billion, and the chain surpassed $1 trillion in cumulative stablecoin transfers by March.
The network’s GitHub activity also reflects sustained development, with the MystenLabs/sui repository holding more than 7,600 stars and over 11,700 forks.
SUI has also been expanding its institutional footprint and payments-related infrastructure. USDsui, a Stripe-backed stablecoin, reached $36 million in supply within its first month. The product’s treasury bond yields are tied to buybacks and DeFi incentives.
On the roadmap, gasless stablecoin transfers are planned for 2026, which places SUI’s payments strategy in direct competition with Solana and Tron.
In February, Canary’s SUIS launched on NASDAQ and Grayscale’s GSUI listed on NYSE Arca. The article describes SUI as one of fewer than 10 altcoins with a live U.S. spot ETF.
It also notes additional ETF applications pending regulatory approval from Bitwise and 21Shares, and that T. Rowe Price included the asset in a multi-asset crypto ETF filing in March.
CME Group is set to launch SUI futures in May, which would further broaden institutional access to SUI exposure.
The article argues that SUI’s growth has been supported by both on-chain usage and product development rather than speculative activity alone. It also highlights that SUI’s early expansion did not involve an FTX or Alameda equivalent, which it says may matter for institutional counterparty-risk assessments.
Execution in the coming quarters will determine whether the network can sustain its trajectory, particularly as it builds operational infrastructure aligned with its on-chain metrics and payments roadmap.
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