Sui joins forces with U.S. national bank Erebor, accelerating the convergence of finance and blockchain

Layer-1 blockchain Sui (SUI) said on the 6th that it will be integrated as a supported blockchain for Erebor Bank, a U.S. national bank chartered by the Office of the Comptroller of the Currency (OCC).

Erebor Bank is an institution that received a national bank charter from the OCC at the establishment stage, and is characterized by having built a banking system designed with the digital-asset environment in mind. Rather than adding functions onto existing financial infrastructure, it was designed to reflect transaction structures that include blockchain-based settlement.

Through this integration, Sui has been included as one of the blockchains supported by Erebor. As a result, Erebor customers will be able to deposit and withdraw Sui-based stablecoins. In addition, assets issued on the Sui network have secured a foundation to be linked more directly to the bank’s systems and global payment infrastructure. In other words, an environment has been put in place to connect on-chain assets to financial services such as treasury management, lending and settlement.

Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, said, "This integration is an example of expanding the connection between a regulated banking system and blockchain-based payment infrastructure."