Ethena launches suiUSDe and USDi to expand Sui stablecoins
Ethena Labs announced in early October it will launch two new products: suiUSDe, a Sui-native synthetic dollar, and USDi, a yield-bearing dollar token backed by institutional assets.
Ethena is creating suiUSDe in partnership with SUI Group and the Sui Foundation to run natively on the Sui blockchain. The collaboration combines Ethena's synthetic dollar infrastructure with Sui's speed and composability.
suiUSDe will be backed by digital assets and hedged derivatives, mirroring Ethena's USDe reserve model. Net revenue generated from its reserves after costs will be used by SUIG and the Sui Foundation to purchase SUI tokens, reinvesting yield into the Sui ecosystem.
USDi will be collateralized by tokenized institutional money market assets. The token will be backed 1:1 by BUIDL, a tokenized money market fund managed by BlackRock, via Ethena's USDtb vehicle.
suiUSDe will be backed by digital assets and hedged derivatives, mirroring Ethena's USDe reserve model. Net revenue generated from its reserves after costs will be used by SUIG and the Sui Foundation to purchase SUI tokens, reinvesting yield into the Sui ecosystem.
USDi will be collateralized by tokenized institutional money market assets. The token will be backed 1:1 by BUIDL, a tokenized money market fund managed by BlackRock, via Ethena's USDtb vehicle.
Ethena and SUIG expect both suiUSDe and USDi to launch before the end of 2025. The launches are part of Ethena's "Whitelabel" strategy, which lets blockchain networks, wallets, and applications deploy dollar assets using Ethena's infrastructure.
One goal is to reduce Sui's reliance on external tokens like USDC and anchor dollar liquidity within its own chain. Sui already logged high transfer volumes in recent months.
Marius Barnett, Chairman of SUIG, described the effort as building toward a "SUI Bank" mechanism and positioning SUIG as a gateway to the global economy. Guy Young, CEO of Ethena Labs, said Sui's performance and composability made it a natural fit. Adeniyi Abiodun of Mysten Labs framed suiUSDe as a new pillar for DeFi infrastructure on Sui.
One goal is to reduce Sui's reliance on external tokens like USDC and anchor dollar liquidity within its own chain. Sui already logged high transfer volumes in recent months.
Marius Barnett, Chairman of SUIG, described the effort as building toward a "SUI Bank" mechanism and positioning SUIG as a gateway to the global economy. Guy Young, CEO of Ethena Labs, said Sui's performance and composability made it a natural fit. Adeniyi Abiodun of Mysten Labs framed suiUSDe as a new pillar for DeFi infrastructure on Sui.
The partnership brings together a publicly traded digital asset treasury (SUIG), a blockchain foundation, and an issuer. SUIG states that a portion of net revenues from the new coins will support its treasury and benefit shareholders.
The model reinvests revenue into SUI demand through token purchases. SUIG trades publicly and provides exposure to Sui ecosystem developments through its treasury holdings.
Ethena has not disclosed specific launch dates beyond the end-of-2025 target or details about initial distribution mechanisms for the new tokens.
The model reinvests revenue into SUI demand through token purchases. SUIG trades publicly and provides exposure to Sui ecosystem developments through its treasury holdings.
Ethena has not disclosed specific launch dates beyond the end-of-2025 target or details about initial distribution mechanisms for the new tokens.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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