The layer-1 blockchain Sui is gaining fresh momentum, edging closer to reclaiming its $2 billion total value locked (TVL) milestone as positive developments ripple through the ecosystem.
According to DeFiLlama data on June 10, 2025, the total value locked on the Sui now sits at $1.96 billion. This marks an approximate 10% increase from the $1.77 range it maintained over the past week, bringing the protocol closer to regaining the $2 billion milestone achieved earlier this year.
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SUIâs TVL growth comes as talks of a potential SUI exchange-traded fund (ETF) launch gain steam across the industry. As recently announced, Nasdaq has filed a 19b-4 with the Securities and Exchange Commission to list the 21Shares SUI ETF.
Nasdaq just filed to list the 21Shares SUI ETF â a spot ETF backed by the SUI token.From $300M+ in global ETP inflows to a potential U.S. listing, institutional momentum for Sui is very real.Next stop: institutional adoption. pic.twitter.com/5AGtmXimHsâ Sui (@SuiNetwork) June 10, 2025
This filing follows 21Sharesâ S-1 registration in April, formally initiating the regulatory review process for a spot ETF based on the SUI token. Market analysts have also placed odds for a SUI ETF approval in 2025 at 60%, fueling the positive sentiment.
Kevin Boon, the president of Suiâs founding team Mysten Labs, praised the development stating, âLooking back at our mainnet only two years ago, the milestone of a NASDAQ filing is a powerful moment. We are proud to help 21Shares build towards a world where every investor can access SUI.â
Beyond the ETF speculation, multiple ecosystem-wide developments are also contributing to Suiâs rising TVL. For one, the network has seen an increase in Bitcoin-pegged assets, with around 10% of its locked value now held in tokens such as wBTC, LBTC, and stBTC.Â
Additionally, Sui recently crossed a major liquidity threshold, with over $1 billion in stablecoins now circulating across its DeFi applications.
Meanwhile, the native token of the protocol SUI (SUI) has been on a modest climb all week. At press time, it trades around $3.47, reflecting a 2% gain over the past 24 hours and approximately 7% over the last week.
Read more:Sui rallies past $1.75B TVL as bitcoin and stablecoin flows spike
Stablecoin regulation could add over $1 trillion in Treasury demand and make issuers among the largest holders of U.S. government debt, Citigroup says.
Stablecoin issuers could become some of the largest holders of U.S. Treasuries by 2030 if the U.S. adopts a regulatory framework, Citigroup said in a new report, adding that more than $1 trillion in additional demand for Treasuries could come from stablecoin growth.
According to the New York-based bank, a supportive U.S. regulatory framework could lead stablecoins to drive demand for âdollar risk-free assets inside and outside the U.S.â
âCreating a U.S. regulatory framework for stablecoin would support demand for dollar risk-free assets inside and outside the U.S. The stablecoin issuers will have to buy U.S. Treasuries, or comparable low risk assets, against each stablecoin as a measure of having safe underlying collateral.â
Citigroup
Citigroupâs base case assumes that stablecoin issuers âcould hold more U.S. Treasuries by 2030 than any single jurisdiction today,â adding that if base case holds true, stablecoin issuers âcould become one of the largest holders of U.S. Treasuries relative to any other jurisdiction today.â
Citigroupâs projected ranking of U.S. Treasury holders by entity | Source: Citigroup
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However, the bankâs analysts also highlighted risks and challenges. Since stablecoins âcarry run-risk,â the failure of a major issuer âcould cause contagion effect,â the report reads. Citigroup also noted that stablecoins de-pegged âabout 1,900 times in 2023, with around 600 of these being large-cap stablecoins.â
Geopolitical risks may also slow global stablecoin adoption as stablecoins âmay be viewed by many non-U.S. policy makers as an instrument of dollar hegemony,â Citigroup warned, adding that âpolicymakers in China and Europe will be keen to promote central bank digital currencies or stablecoins issued in their own currency.â
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The Financial Conduct Authority, United Kingdomâs financial markets regulator, is seeking input from the public on its proposals for stablecoin and crypto custody regulation.
FCAâs press release on the topic on May 28 comes as the United Kingdom looks to finalize its regulatory framework for stablecoins and crypto custody. The regulator is looking to collect feedback from various stakeholders ahead of publishing the final rules in 2026.
Proposals by the FCA come a few weeks after the UK Treasury released its draft legislation on the topics, which it published in April 2025. According to the financial markets watchdog, the public have until July 31, 2025 to submit their feedback.
The regulator has previously highlighted stablecoins as potentially key assets in the payments and settlement sector, with the blockchain-based assets offering benefits such as efficiency and speed. However, it maintains there is need to ensure proper regulation, with issuers obligated to provide clear information on their stablecoinâs reserve backing.Â
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Support for stablecoins and crypto custody extends the governmentâs commitment to making the UK a crypto innovation hub, said David Geale, the executive director for payments and digital finance at the FCA.
Regulation will help regulators âstrike a balanceâ in terms of support for the sector and the need to ensure âmarket integrity and trust,â Geale noted.
The FCA and the Bank of England are working together to bring clear regulations to the UKâs crypto market. In a comment on the latest proposals, Sarah Breeden, deputy governor of the Bank of England, noted:
âWe welcome the proposals the FCA have published as part of building the UKâs stablecoin regime. For those stablecoins that expect to operate at systemic scale, the Bank of England will publish a complementary consultation paper later this year, including responding to industry feedback around allowing some return on backing assets.â
The consultation is open for stablecoin issuers looking to expand into the UK, payments providers, crypto custody platforms and industry groups, including law firms. Also expected to provide feedback as auditors, professional advisers within the sector and consumer interest groups.
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前总统唐纳德·特朗普加大对美联储主席杰罗姆·鲍威尔的攻击力度,并对贸易政策带来新的不确定性,令投资者感到不安,随后美国股市周一全线下跌。
道琼斯工业平均指数下跌超过971点,跌幅2.48%,标准普尔500指数和纳斯达克综合指数分别下跌超过2.36%和2.55%。科技股大幅下跌引领了此次抛售,特斯拉和英伟达分别下跌7%和6%,亚马逊、AMD和Meta分别下跌约4%。
在一篇 Truth Social 帖子中,特朗普将鲍威尔称为“太晚先生,一个大失败者”,并敦促美联储立即降息。
这位前总统提出了解除鲍威尔职务的想法,引发了人们对央行独立性的质疑。
美元大幅走弱,跌至2022年以来的最低水平,而金价则首次突破每盎司3400美元。
比特币(BTC)也出现上涨,最终稳定在 87,000 美元以上。
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中国 VS. 美国
Markets are also grappling with heightened trade tensions. China cut back on imports of various U.S. commodities last month, with some items seeing a complete halt in purchases, as tensions in the trade war between the two largest economies escalated.
China issued fresh warnings to countries considering trade deals with the U.S. that could undermine Chinese interests.Â
Since Trump unveiled a new round of tariffs on April 2, the S&P 500 has declined by more than 8%, with the Nasdaq and Dow down by nearly 10% and 9%, respectively.
As earnings season ramps up, investors will be closely watching Tesla and Alphabet reports for signs of further cracks in the economy.
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