Sui Launches suiUSDe, Its First Stablecoin, With Yield and Buybacks
Sui, a high-performance blockchain network, has launched suiUSDe, a new stablecoin developed in collaboration with the Sui Foundation and strategic partners. This marks Sui's entry into the stablecoin market, with plans to introduce more digital assets like USDC in the future.
Sui positions itself as a superior alternative to EVM-based chains, integrating yield into its native digital asset. The suiUSDe stablecoin is powered by Ethena's strategy, pairing digital asset reserves with short futures positions. Revenue generated from suiUSDe will fund SUI buybacks, driving token demand.
The Sui Foundation and SUIG will use net proceeds to purchase SUI tokens directly from the market. Meanwhile, U.S. regulators are scrutinizing synthetic stablecoins under the GENIUS Act, requiring reserve assets to be held in Treasuries. Despite SUIG facing a federal probe into digital asset treasury companies, Sui remains committed to expanding its ecosystem. Later this year, USDi, a second stablecoin product, is set to debut on Sui alongside suiUSDe.
Sui's introduction of suiUSDe, a native, yield-generating dollar asset, signals a significant step forward for the network. With plans to introduce additional stablecoins and digital assets, Sui continues to grow and innovate within the blockchain space.
Read also:
- Mural at blast site in CDMX commemorates Alicia Matías, sacrificing life for granddaughter's safety
- Albanese Invites LuLu Group to Australia as Free Trade Deal Takes Effect
- Comcast Introduces Sports-Oriented Video Bundle in Preparation for the World Cup Tournament
- Green Faction Slams Saarbrücken Mayor's Automotive Focus
