Sui Partners Copper Eyeing Custody Support For Stablecoin & RWA

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As an experienced analyst, I believe this partnership between Sui and Copper is a significant step forward for both parties involved and the broader blockchain industry. The focus on improving custody infrastructure will undoubtedly benefit stablecoin and RWA issuers on the Sui network, opening up new possibilities for these projects. Moreover, financial institutions seeking efficient treasury services for their tokens will find value in this collaboration.

Sui, known as one of the leading Layer 1 blockchains, has recently joined forces with Copper, a trailblazer in digital asset custody. As announced in a post on X by both communities on June 26, this collaboration is aimed at simplifying custody infrastructure for the Sui blockchain.

As a researcher investigating the latest developments in the blockchain industry, I’ve been closely following the recent announcement that has generated considerable buzz among stakeholders in the stablecoin and RWA (Reserve Ratio Adjustment) issuer community on L1 networks. Let’s explore the reasons behind this surge of interest.

Sui & Copper Amalgamation To Jack Up L1 & L2

Revolving the custody structure as discussed earlier will significantly benefit issuers of stablecoins like USDY (Ondo) and Real-World Assets on the Sui network. This enhancement applies to both Layer 1 and Layer 2, according to the recent community update.

As a researcher studying the Sui network, I can tell you that this partnership brings crucial foundational infrastructure to our platform, specifically designed for financial institutions seeking streamlined treasury services for their tokens. In essence, it marks the introduction of Sui’s first institutional custodian, as our community announced on X.

Copper provides a range of offerings beyond just the services mentioned. For instance, they offer off-chain crypto settlement solutions, the ability to earn rewards through staking, and a Decentralized Finance (DeFi) suite, among other features.

As the Analyst at the Sui Foundation, I’m thrilled to announce that we’re extremely enthusiastic about the influx of new projects and assets this partnership with Copper will bring to both the Sui and Copper ecosystems. Furthermore, I’d like to draw attention to Copper’s robust enterprise-grade custody solutions, which I believe have the potential to significantly enhance the infrastructure demands for institutional users and builders in our ecosystems.

As a researcher studying the latest developments in the blockchain industry, I’m thrilled to share that Dmitry Tokarev, CEO of Copper, expressed his enthusiasm about Copper’s involvement in the SUI ecosystem, stating, “We’re eager to be a part of the SUI community with Copper serving as custodian.” Regarding the ongoing project, he mentioned that the staking and DeFi functionalities are currently undergoing development.

Sui Price Plunges

As a researcher studying the blockchain ecosystem, I’ve noticed an unexpected development concerning Suirae (SUI), the native token of the L1 network. Contrary to recent progress, SUI experienced a significant decline today. The price chart indicates a 2.82% drop, with the current value at $0.856.

The lowpoint and highpoint of the token’s value in the last 24 hours were $0.8434 and $0.9005 respectively, reflecting the current market instability. However, the upcoming collaboration holds promise for the blockchain project’s future projects and increasing user engagement.

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2024-06-26 17:20