Overview

• USDi will be 1:1 collateralized by BlackRock’s tokenized money market fund BUIDL via Securitize, offering a non-yielding option for on-chain cash.
• suiUSDe will mirror Ethena’s USDe using digital-asset reserves and short futures to target a dollar peg and generate yield, with possible delta‑hedged SUI exposure subject to governance.
• The rollout is slated for Q4 2025 as Ethena uses its Stablecoin‑as‑a‑Service program to deliver native dollar rails for payments and DeFi on Sui.
• Partners have floated a buyback mechanism in which net revenues from the stablecoins would purchase SUI on the open market, linking usage to token demand.
• Regulatory uncertainty looms with proposed GENIUS Act reserve rules and recent U.S. probes of digital asset treasury firms, even as Sui cites $229 billion August stablecoin volume as a key draw for the partnership.