The Sui network is set to expand its custody capabilities through a partnership with Copper, a provider of custody, prime, and collateral services. Sui aims to enhance its appeal to institutional investors.
According to a statement released by Sui, Copper’s custody support is now accessible for Sui-native tokens like the Ondo USD Yield (USDY) stablecoin.
Sui is making strides towards incorporating real-world assets into its ecosystem. It plans to introduce new custody features tailored for staking and other decentralized finance functions, providing clients with more options for offering stablecoins and real-world assets. Greg Siourounis, the managing director of Sui Foundation, shared with Cointelegraph:
“Sui is a layer-1 blockchain and smart contracts platform created by Mysten Labs, a United States-based firm established by former Meta executives. In March 2022, Sui made its debut, and shortly after, it formed a partnership with BytePlus, a subsidiary of ByteDance, the parent company of TikTok. This collaboration aims to enhance Sui’s scalability and data processing capabilities.”
Furthermore, since April, Sui has become the host of FDUSD, an unpegged native stablecoin offered by First Digital Group, based in Hong Kong. Sui’s (SUI) token is supported by custodial services such as BitGo, Anchorage, and Coinbase Prime.
Copper, headquartered in the United Kingdom, is known for its ClearLoop technology, which is utilized for trade settlement and collateral management. With investments from billionaire Alan Howard, the co-founder of asset manager Brevan Howard, Copper has expanded its presence in the traditional finance sector. In November, it launched Copper Securities, offering tokenized securities in the Abu Dhabi Global Market.
The tokenized real-world assets market has a market cap of $8 billion, encompassing private equity, real estate, government securities, commodities, and various financial obligations.
Ondo, the third-largest issuer of tokenized assets, has achieved significant returns, notably through its U.S. Government Bond Fund, a tokenized derivative of BlackRock’s U.S. Treasurys ETF, comprising short-term U.S. Treasurys.
Article Source: Sui
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