Overview
- Mysten demonstrated Tessera as a closed, business‑to‑business settlement prototype that limits membership to KYC‑verified firms and hides payment amounts on the Sui blockchain.
- The system uses Sui’s confidential‑transfer cryptography (Twisted ElGamal and zero‑knowledge proofs) together with Mysten’s Seal threshold MPC to prove transactions are valid without revealing values.
- Seal’s programmable controls let the network grant scoped, temporary access to specific payments for regulators, tax authorities, arbitrators, or auditors while preventing those viewers from moving funds.
- Mysten did not name participating companies, a stablecoin issuer, regulatory approvals, a launch timeline, or a deployment jurisdiction, leaving commercialization and compliance integration as the main open questions.
- If adopted, Tessera could let firms settle invoices without exposing pricing or treasury flows to competitors and could force incumbents such as Circle, Visa, Mastercard, JPMorgan, and SWIFT to respond on privacy and compliance for institutional rails.