Overview

• SUI Group, Ethena Labs and the Sui Foundation will introduce USDi and suiUSDe as the first native stablecoins on the Sui blockchain.
• USDi will be backed 1:1 by BlackRock’s tokenized money market fund BUIDL issued via Securitize, and suiUSDe will mirror Ethena’s USDe, a synthetic dollar backed by digital assets and short derivatives.
• The tokens are expected to launch later this year with the stated aim of expanding liquidity and utility across Sui.
• Sui processed $229 billion in stablecoin transfer volume in August, a scale Ethena cited in selecting the network, according to the Sui Foundation and CoinDesk.
• Reporting highlights hurdles that include proposed U.S. reserve requirements under the GENIUS Act, regulatory probes into digital asset treasuries, weak sector performance, and questions about SUIG’s ability to amass Treasuries for reserves.