Sui to Be Integrated as Supported Blockchain for US National Bank Erebor

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Summary

Sui said April 6 that it will be integrated as a supported blockchain for US-based Erebor Bank.
The integration will allow Erebor customers to make deposits and withdrawals of Sui-based stablecoins.
The move also lays the groundwork for assets on the Sui network to connect more directly with banking systems, global payments infrastructure, and financial services including treasury management, lending and settlement.

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Layer-1 blockchain Sui said April 6 that it will be integrated as a supported blockchain for Erebor Bank, a US national bank chartered by the Office of the Comptroller of the Currency.

Erebor Bank received a national bank charter from the OCC at the formation stage and built its banking system with digital assets in mind. Rather than adding functions to traditional financial infrastructure, the system was designed around a transaction structure that includes blockchain-based settlement.

The integration adds Sui as one of the blockchains supported by Erebor. Erebor customers will be able to deposit and withdraw Sui-based stablecoins. It also lays the groundwork for assets on the Sui network to connect more directly to banking systems and global payments infrastructure. That creates an environment for linking on-chain assets to financial services such as treasury management, lending and settlement.

"This integration expands the connection between regulated banking systems and blockchain-based payments infrastructure," Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs, said.