Sui’s circulating stablecoin supply has returned to roughly $500 million, according to onchain trackers and DefiLlama, after reaching $1.6 billion in May 2025 and falling to about $492 million by the end of the first half of 2026. An earlier report put the figure at $478 million, indicating the metric has remained broadly flat near the same level for several months. The plateau contrasts with more than $65 billion in fee-free stablecoin transfers since June 10, following a Mysten Labs protocol change that eliminated transfer fees and the need to hold SUI. The network has processed more than $2.27 trillion in cumulative stablecoin transaction volume since early 2024 across 16 billion transactions. Sui’s Hashi bridge testnet has also recorded more than 1.1 million deposits and 165,000 withdrawals since launching on July 22. The data suggests that high transfer activity is not translating directly into a larger resident stablecoin balance, making new issuance or institutional deployments—particularly involving USDC—the more direct growth catalysts to watch.