The Sui blockchain is undergoing a fundamental transformation in how crypto treasuries operate, evolving from passive balance sheets into active protocol participants. This shift is illustrated by the network's stablecoin market cap reaching approximately $500 million by late January 2026, with USDC controlling over 70% of this liquidity.
On-chain analytics reveal that foundation-controlled wallets remain the largest SUI holders, with treasury wallets tracked on Explorer showing a concentrated position of 108 million SUI, roughly 3% of the circulating supply. The Sui Foundation and Mysten Labs still control sizable allocations, with the institution now holding over 110 million SUI. This mirrors Solana-style ecosystem bootstrapping rather than Bitcoin-style scarcity, reinforcing growth-focused, yield-enabled token usage over speculative turnover.
Sui's circulating supply reflects controlled expansion, reaching approximately 3.79 billion SUI (38% of the 10 billion max supply) with no abnormal spike events. Supply growth has been absorbed where holdings matter, with long-term development, staking incentives, and ecosystem funding largely locking in the supply.
Treasury-linked entities are now deploying capital through stablecoins to deepen liquidity, generate fees, and influence protocol usage without triggering spot sell pressure. This convergence signals a transition from asset custody toward protocol-level execution and control, where ownership increasingly translates into economic and governance influence.
Yield dynamics on Sui DeFi have strengthened steadily, with yields ranging from 3–10% on low-risk strategies to 50%+ on incentive-heavy pools. Lending protocols such as NAVI Protocol and Suilend deliver between 5% and 7% APY on USDC, while DEXs like Cetus push for over 70% APY through fees. This yield growth attracts capital, improves liquidity depth, and reinforces Sui's role as an active, yield-driven DeFi ecosystem.
Parallel to Sui's developments, other networks are also gaining momentum through real adoption. Solana continues its strong recovery with the Firedancer upgrade improving stability and throughput, while Solana Pay gains merchant interest through Shopify integration. Ripple (XRP) enters 2026 with renewed confidence following regulatory clarity, expanding RippleNet partnerships with global banks and focusing on fast cross-border transfers.
