$3b Stablecoin Arrives on Network and Sui-Branded Gaming Console to Launch

It’s been a big few days for the Sui blockchain. First came the announcement of the SuiPlay0x1, a low-cost handheld gaming console featuring deep integration with the Sui network, and then the news that First Digital USD (FDUSD)—the fourth largest stablecoin—is coming to the Sui network.

Sui has seen enormous growth over the past six months or so. According to DeFi Llama, the total value locked on Sui in September 2023 was under US$25 million (AU$38 million), and as of April 11 2024 it sits at over US$650 million (AU$996 million).

Sui was created by Mysten Labs, a startup made up of many of the ex-Meta employees behind the social media giant’s failed Diem blockchain. Sui received significant venture capital funding from the likes of FTX and Binance.

Related: Top Crypto Analyst Unveils Winning Strategy for Gaming Bull Run 

Sui Handheld Aims To Win Over Gamers

The SuiPlay0x1, which was announced at the Sui Basecamp event in Paris this week, is a collaboration between the gaming startup Playtron and Mysten Labs. 

Playtron has developed a new Linux-based, gaming focussed operating system designed to challenge established gaming giants like Steam and Nintendo; a customised version of this operating system will power the SuiPlay0x1. 

According to Mysten Labs, the console will allow gamers to play titles from Steam, Epic Store and other gaming marketplaces, but significantly, will also support Web3 games built on Sui and other crypto networks. Currently Steam, the world’s largest gaming marketplace, doesn’t allow any Web3 games on its platform, which has hampered growth in the space—Mysten Labs and Playtron hope to fix this.

Speaking about the advantages of a crypto-native gaming console, Mysten Labs Chief Product Officer, Adeniyi Abiodun, claimed that having deep integration will help incentivise gamers to try new games, or to keep them playing:

Imagine now being able to airdrop assets to people with a device ahead of time to get them to onboard into the game. Now your cost of user acquisition is significantly lower.

Adeniyi Abiodun, Mysten Labs Chief Product Officer

The SuiPlay0x1 is expected to launch in 2025. The retail price hasn’t yet been announced.

Hopes That Launch Of FDUSD On Sui Will Supercharge Liquidity

The other big Sui story this week is the move to bring FDUSD to the network, making it Sui’s first native stablecoin. 

Hong Kong-based FDUSD only launched last year, but has already grown to become the fourth largest player in the crowded stablecoin market, with a market capitalisation of around US$3.3 billion (AU$5 billion). So far FDUSD has only been available on Ethereum and BNB Chain.

The launch of FDUSD on Sui is a curious choice as Sui is still a relatively small network. But speaking to CoinDesk, the CEO of FDUSD Vincent Chok said the network’s recent growth is what attracted him:

Sui is an up-and-coming network and very supportive of the DeFi space…Their growth within a year is amazing as well, so we want to grow together as a new stablecoin.

Vincent Chok, FDUSD CEO

Another factor that may have played a part in the decision is that both FDUSD and Sui have received enormous early support from Binance—perhaps there are some behind the scenes “synergies” going on.

Related: Ripple Announces Stablecoin Coming to XRP Ledger: Insights and Implications 

Speaking to CoinDesk, Greg Siourounis, managing director of ecosystem development organization Sui Foundation, said the introduction of a native stablecoin to the Sui network means better liquidity and more utility for users:

This integration will have a profound impact on the Sui community, fueling enhanced liquidity, expanding the network’s utility, and unlocking new possibilities for builders and users.

Greg Siourounis, managing director of ecosystem development organization Sui Foundation