In a groundbreaking development for the digital finance world, the Sui blockchain is set to unveil its first native stablecoins, marking a significant stride in the evolution of blockchain-based financial ecosystems. This initiative results from a collaborative effort among SUI Group (SUIG), a publicly-traded digital asset treasury firm, synthetic dollar protocol Ethena (ENA), and the Sui Foundation. With the launch of USDi and suiUSDe scheduled for later this year, the blockchain community is abuzz with anticipation.
A New Era for Sui Blockchain
The introduction of USDi and suiUSDe represents a strategic move for the Sui blockchain, aiming to enhance liquidity and utility across its network. USDi will be anchored 1:1 by BlackRock’s tokenized money market fund, BUIDL, in association with tokenization expert Securitize. On the other hand, suiUSDe will parallel Ethena’s $14 billion USDe offering, a synthetic dollar underpinned by a blend of digital assets and short derivatives.
“We believe this initiative will add another powerful mechanism to drive liquidity, utility, and long-term value across the Sui blockchain, while positioning SUIG as one of the first publicly traded gateways to the global stablecoin economy,” commented Marius Barnett, chairman of SUIG, underscoring the anticipated impact of this endeavor.
Diversification in Stablecoin Offerings
The move by Sui is reflective of a broader trend within the crypto world, where ecosystems are increasingly opting to develop proprietary stablecoins. This shift allows networks to become less dependent on existing options like Circle’s USDC and Tether’s USDT. For instance, Hyperliquid, a layer-1 network renowned for its on-chain perpetual swaps exchange, recently hosted an auction for the rights to issue its native USDH stablecoin, which was won by Native Markets in collaboration with Stripe. Moreover, MegaETH, an Ethereum scaling network, is also venturing into the stablecoin market by partnering with Ethena for its native coin.
Such diversification is seen as a strategic effort to bolster network-specific liquidity and tailor financial ecosystems to better fit the unique demands and attributes of each blockchain.
The Sui Network’s Performance Edge
One of the key factors that attracted Ethena to the Sui network is its impressive performance metrics. In August, the Sui blockchain processed an astounding $229 billion in stablecoin transfer volume, setting new records for the network. This remarkable throughput underscores the network’s capability and robustness, qualities that Guy Young, CEO of Ethena Labs, cited as pivotal in their decision. “Sui’s performance and composability made it a clear choice,” Young stated, highlighting the network’s appeal.
Challenges and Opportunities Ahead
While the introduction of native stablecoins on the Sui blockchain heralds exciting opportunities, it also presents challenges. The stability and security of these stablecoins will be under scrutiny, especially given the volatile nature of digital assets and the complex mechanisms backing synthetic dollars like suiUSDe. Ensuring transparency and maintaining trust will be critical for the long-term success of these initiatives.
Additionally, the collaboration between traditional financial giants like BlackRock and blockchain entities like Sui and Ethena illustrates a growing convergence of traditional and digital finance. This partnership could serve as a model for future endeavors in the space, blending the strengths of established financial infrastructures with the innovative potential of blockchain technology.
Looking Forward
As the crypto landscape continues to evolve, initiatives like Sui’s native stablecoins underscore the dynamic nature of the industry. By forging new paths and creating tailored financial solutions, blockchain networks are not only enhancing their own ecosystems but also contributing to the broader maturation of digital finance.
The launch of USDi and suiUSDe is more than just a milestone for the Sui blockchain; it’s a testament to the ongoing transformation within the cryptocurrency world. As these stablecoins prepare to go live, stakeholders across the industry will be watching closely, eager to see how these developments will shape the future of blockchain-based finance.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
