Finance
What you need to know (and maybe not care about):
- The Sui blockchain is jumping into the stablecoin pool with its very own creations: USDi and suiUSDe, made possible through a fancy partnership involving the SUI Group, Ethena, and the Sui Foundation.
- USDi will have the *luxury* of being backed by BlackRock’s shiny tokenized money market fund, BUIDL. Because, you know, who doesn’t want to be friends with BlackRock? On the other hand, suiUSDe is more of a synthetic dollar, leaning heavily on digital assets and derivatives, much like Ethena’s wallet-stretching $14 billion USDe token.
- In a bid to actually make people care about their blockchain, the Sui Foundation claims this will improve liquidity and usefulness on their network, because what the world *really* needed was another proprietary stablecoin.
In the latest saga of blockchain drama, the Sui blockchain has decided that it’s time to have some *skin* in the game and is rolling out its first native stablecoins. Welcome USDi and suiUSDe, courtesy of a three-way collab between SUI Group (SUIG), Ethena’s digital wallet warriors, and the Sui Foundation. Apparently, if you can’t beat them, join them and make your own damn stablecoin.
Expected to launch later this year, these tokens will make their debut with a hefty amount of financial backing. USDi, because why not, will be linked 1:1 with BlackRock’s tokenized money market fund, BUIDL, which was “carefully” crafted by tokenization guru Securitize. Meanwhile, suiUSDe will stand as a synthetic dollar built on a dubious mix of digital assets and derivatives. Think of it as the financial equivalent of a mystery meat sandwich, only with *very* large sums of money behind it.
“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,” said Marius Barnett, chairman of SUIG. Translation: ‘We’re rich and we’re making a bigger pool for all of us to swim in.’
This is just another reminder that, when it comes to crypto, it’s all about the race to make your own stablecoin. Forget the old faithfuls like Circle’s USDC and Tether’s USDT-who even *needs* them when you can just launch your own currency with a dash of technological wizardry? It’s almost like the old financial system never existed in the first place!
And if you thought no one could top that, buckle up. A popular layer-1 network (you know, the type of network people use to do perpetual swaps) held a grand auction to secure rights to issue their very own USDH stablecoin. They didn’t want to rely on USDC anymore, so they let Native Markets and Stripe win the glorious honor of dealing with that little mess. Meanwhile, the ethereal MegaETH (no relation to mega-fries) has also jumped on the stablecoin bandwagon, making their own with Ethena. As one does.
In case you’ve missed the subtle flex, the Sui network processed a mind-boggling $229 billion in stablecoin transfer volume this past August, beating its own records. It’s almost as if the Sui blockchain wanted to say, “Yeah, we’re kind of a big deal now.” No wonder Ethena hopped on the Sui train. As Guy Young, CEO of Ethena Labs, put it: “Sui’s performance and composability made it a clear choice.” Translation: *We’re going where the money’s flowing.*
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2025-10-02 02:28