Sui Network Bolsters Custody Capabilities through Partnership with Copper
Summary:
Sui network is set to boost its custodial capacities via a partnership with Copper, bringing support for Sui's native tokens like Ondo USD Yield (USDY) stablecoin. New features enhancing staking and DeFi functions will be introduced, amplifying options for stablecoin issuers and real-world assets. Mysten Labs, former Meta executives, developed the Sui platform, and it has recently partnered with BytePlus for scalability and data processing enhancement. Copper's ClearLoop technology aids in trade settlement and collateral management. Tokenized real-world assets hit a $8bn market cap, and Ondo, as the third-largest issuer of these assets, achieved high returns mainly through its US Government Bond Fund (OUSG).
The Sui platform is set to bolster its custodial capabilities through a partnership with Copper, a company offering custody, prime and collateral services. This move is aimed at making Sui more appealing to the institutional finance sector. Already, Copper's custody service supports Sui's native tokens, including the Ondo USD Yield (USDY) stablecoin.
Amplifying Real-World Assets Accessibility
New features that will facilitate staking and other DeFi functions will soon be launched to broaden choices for customers issuing stablecoins and real-world assets. Speaking about the collaboration, Sui Foundation's Managing Director, Greg Siourounis, stated that Copper's integration with Sui strengthens its infrastructure by incorporating advanced custodial solutions, a vital prerequisite for onboarding substantial institutions. As traditional financial institutions continue to embrace cryptocurrency, Sui is gradually becoming a leading choice for digital asset storage and deployment.
About Sui
Sui is a foundational blockchain and smart contracts platform designed by Mysten Labs, a U.S-based firm that was launched in March 2022 by ex-Meta executives. In April, Sui joined forces with BytePlus, a subsidiary of TikTok's parent company, ByteDance, to improve its scalability and data handling abilities.
Market Expansion Opportunities
Ever since April, Sui has hosted the FDUSD, an unwrapped native stablecoin provided by the Hong Kong-based First Digital Group. Various custodial services, including BitGo, Anchorage, and Coinbase Prime, manage Sui's SUI coin.
Characterizing Copper
Copper is a UK-based firm whose ClearLoop technology is utilized to handle trades and oversee collateral. Its traditional finance market growth has been propelled by investments from billionaire Alan Howard, Brevan Howard's co-founder. Copper launched its Copper Securities branch in November, providing tokenized securities in the Abu Dhabi Global Market.
Tokenized real-world assets currently have a market capitalization of $8 billion, encompassing private equity, real estate, government securities, commodities, among others. Ondo ranks third among tokenized asset issuers, recording impressive returns, primarily through its US Government Bond Fund (OUSG), a tokenized derivative of BlackRock's US Treasurys ETF composed of short-term US Treasurys.
Published At
6/26/2024 3:00:00 PM
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