Sui Blockchain to Launch Native Stablecoins Backed by Ethena, BlackRock
The Sui blockchain is set to introduce its first native stablecoins through a collaboration with SUI Group, Ethena, and the Sui Foundation.
- New tokens, USDi and suiUSDe, will launch later this year.
- USDi will be backed 1:1 by BlackRock’s tokenized money market fund, BUIDL.
- suiUSDe will replicate Ethena's $14 billion USDe, supported by digital assets and short derivatives.
This development signifies a trend in crypto ecosystems issuing their own stablecoins rather than relying on existing ones like USDC and USDT.
- Hyperliquid auctioned rights for its USDH stablecoin issuance, aiming to reduce USDC reliance.
- MegaETH plans to introduce a native stablecoin in partnership with Ethena.
In August, Sui's network processed $229 billion in stablecoin transfers, attracting Ethena due to its performance and composability, as noted by Ethena Labs CEO Guy Young.