The Sui network is expanding its custody capabilities by partnering with Copper, a provider of custody, prime, and collateral services. Sui aims to attract more institutional finance to its platform.
According to a statement from Sui, Copper’s custody support is now available for Sui-native tokens like the Ondo USD Yield (USDY) stablecoin. The partnership will introduce new custody features for staking and decentralized finance functions, offering clients more options for issuing stablecoins and real-world assets. Greg Siourounis, managing director of the Sui Foundation, stated in an interview with Cointelegraph:
Sui, a layer-1 blockchain and smart contracts platform created by Mysten Labs in the United States and launched in March 2022, has partnered with BytePlus, a subsidiary of ByteDance, the parent company of TikTok, to improve scalability and data processing capabilities. Since April, Sui has also been home to FDUSD, a native stablecoin offered by First Digital Group based in Hong Kong. Sui’s (SUI) token is supported by custodial services like BitGo, Anchorage, and Coinbase Prime.
Copper, a UK-based service known for its ClearLoop technology used in settling trades and managing collateral, has seen increased investment from billionaire Alan Howard, co-founder of Brevan Howard asset manager. The launch of Copper Securities in November offers tokenized securities in the Abu Dhabi Global Market, expanding its presence in traditional finance markets.
The tokenized real-world assets market has grown to a market cap of $8 billion, encompassing private equity, real estate, government securities, commodities, and other financial instruments. Ondo is the third-largest issuer of tokenized assets, achieving high returns, particularly through its U.S. Government Bond Fund, a tokenized derivative of BlackRock’s U.S. Treasurys ETF, consisting of short-term U.S. Treasurys.