Grayscale Backs Sui as Network Seeks Expansion with Gas-Free Stablecoin Transfers

Grayscale has announced its support for Sui, a blockchain network that is gaining traction in the cryptocurrency market. The asset manager's Staking ETF (GSUI) allows investors to gain exposure to the Sui network while providing a regulated investment product. This move comes as Sui eliminates gas fees for stablecoin transfers, making it more attractive to institutional and retail investors.

The GSUI ETF is not registered under the Investment Company Act of 1940, which means it does not provide the same level of regulatory oversight as standard ETFs or mutual funds. However, Grayscale notes that Sui's removal of gas fees has removed a major point of friction for enterprises building on-chain payment flows.

Fireblocks, a digital asset infrastructure provider, was one of the first to integrate support for gasless transfers on the Sui network. The company's senior vice president of payments and network, Ran Goldi, stated that Sui is 'making all the right moves' by removing friction for enterprises building on-chain payment flows.