Sui has announced a partnership with Copper, a provider of custody, prime, and collateral services, to expand its custody capacities. This move is aimed at attracting institutional finance to the Sui network. Sui-native tokens, such as the Ondo USD Yield (USDY) stablecoin, already have access to Copper custody support.
The collaboration with Copper will introduce new custody features for staking and other decentralized finance functions. These features will enhance the options for clients who issue stablecoins and real-world assets. Greg Siourounis, the managing director of the Sui Foundation, stated that this development will be beneficial for Sui’s clients.
Sui is a layer-1 blockchain and smart contracts platform that was introduced in March 2022 by Mysten Labs, a company founded by former Meta executives. In April, Sui partnered with BytePlus, an arm of TikTok parent company ByteDance, to improve scalability and data processing.
Since April, Sui has also been the home of FDUSD, an unwrapped native stablecoin offered by Hong Kong-based First Digital Group. The Sui token (SUI) is managed by custodial services like BitGo, Anchorage, and Coinbase Prime.
Copper, a UK-based service, offers ClearLoop technology for trade settlement and collateral management. The company has received investments from billionaire Alan Howard, co-founder of asset manager Brevan Howard, which has facilitated its expansion in the traditional finance market. Copper Securities, its arm for tokenized securities, was launched in November and operates in the Abu Dhabi Global Market.
The market capitalization of tokenized real-world assets has reached $8 billion. These assets include private equity, real estate, government securities, commodities, and other financial obligations.
Ondo, the third-largest issuer of tokenized assets, has achieved significant returns, largely due to its U.S. Government Bond Fund. This fund is a tokenized derivative of BlackRock’s U.S. Treasurys ETF, which comprises short-term U.S. Treasurys.
In other news, Justin Sun’s involvement in SUI-farming, PEPE’s unpredictable surge, and 3AC’s unique philosophy are covered in the latest edition of Asia Express magazine.