Sui Launches Native Stablecoins: USDi & suiUSDe

Sui partners with Ethena and BlackRock to launch two native stablecoins—one yield-bearing, one cash-backed—by the end of 2025.

Introducing Native Stablecoins on Sui

In a landmark move, SUI Group, in collaboration with Ethena and the Sui Foundation, has announced plans to issue two native stablecoins—USDi and suiUSDe—on the Sui Blockchain by the end of 2025. This development positions Sui among the first non-EVM chains to integrate stablecoin issuance directly into its ecosystem.

These two coins embody distinct risk–return profiles:

• USDi will be fully backed (1:1) by BlackRock’s BUIDL tokenized money market fund, aiming for capital preservation and stability.
• suiUSDe will function as a yield-generating synthetic dollar, backed by a diversified portfolio of digital assets and hedged positions, similar to Ethena’s existing USDe model.

The dual structure gives users a choice: a conservative store of value or an income-generating asset native to Sui.

Strategic Partners and Structural Design

BlackRock and USDi

USDi’s backing by the BUIDL tokenized fund lends institutional-grade anchoring. BUIDL invests in short-term U.S. Treasuries and cash-equivalent instruments, offering liquidity and market confidence.
By linking USDi to a regulated, on-chain representation of money markets, Sui introduces a stablecoin with a familiar and trusted asset backing.

Ethena and suiUSDe

Ethena’s role is central to the synthetic-dollar architecture. Ethena currently supports the USDe stablecoin, which has amassed over $14 billion in assets under management.

In its Whitelabel infrastructure, Ethena enables other blockchains (like Sui) and applications to deploy their own digital dollar variants.

Under this model, suiUSDe will employ algorithmic overlays and hedges (e.g. short futures) to maintain stability while generating yield.

Notably, net income derived from the reserves backing suiUSDe will be used to purchase SUI tokens on the open market, funneling value back into the ecosystem.

Why Sui?

Several factors make Sui an attractive host for native stablecoin issuance:

• High throughput & composability: Sui has demonstrated notable performance, processing $229 billion in stablecoin transactions in August 2025 alone.
• First non-EVM stablecoin hub: Sui becomes one of the earliest non-EVM chains to host income-generating stable assets, broadening the design space for non-EVM ecosystems.
• Ecosystem alignment: The Sui Foundation and SUI Group see stablecoins as infrastructure—not merely tokens. Revenue from suiUSDe is designed to reinforce the native token and bootstrap liquidity.

The model essentially transforms stablecoin issuance into an instrument of treasury strategy and tokenomics synergy.

Broader Context: Native Stablecoins Trend

Sui’s move is part of a growing shift in blockchain architecture: establishing native stable assets rather than relying exclusively on external ones like USDC or USDT. Many ecosystems are now layering in stablecoins as core infrastructure to reduce dependence on outsider protocols and retain control over liquidity flows.

This trend aligns incentives across users, developers, and network sponsors. Native stablecoins can:

1. Reduce reliance on off-chain or external stablecoin issuance.
2. Internalize yield and revenue, allowing value accrual within the ecosystem.
3. Strengthen on-chain rails for DeFi, payments, and cross-chain activity.

By launching USDi and suiUSDe, Sui is staking a claim in this paradigm. If execution is sound and adoption follows, it could become a go-to platform for real-world asset integration and liquidity engineering.

What to Watch

1. Stability & peg resilience — particularly for suiUSDe’s synthetic architecture, which must manage volatility and counterparty risk.
2. Regulation and compliance — BlackRock-backed funds and tokenized money markets may attract scrutiny from regulators.
3. Adoption by DeFi protocols — key DEXs, lending markets, and bridges must integrate USDi/suiUSDe to ensure utility.
4. Feedback loops with SUI tokenomics — how revenue reinvestment impacts SUI’s demand and market dynamics.

Sui’s introduction of native stablecoins marks a significant step in its evolution—from a performance-focused L1 to a self-sustaining financial substrate. If executed effectively, USDi and suiUSDe could reshape liquidity dynamics in the Sui ecosystem—and help sculpt the next generation of on-chain finance.

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