The Ethena-backed synthetic dollar stablecoin, suiUSDe, has officially launched on the Sui Mainnet. This marks the first deployment of a native, yield-generating stable asset powered by Ethena's infrastructure on a non-EVM (Ethereum Virtual Machine) blockchain, positioning Sui as an early adopter of this model.
The launch is backed by a significant financial commitment. SUI Group Holdings, a publicly traded digital asset treasury company, seeded a newly created suiUSDe yield vault with $10 million as an anchor participant. The vault, operated by Ember Protocol and incubated by the team behind Bluefin, has an initial capacity of $25 million and is open to both institutional and retail participants for yield generation.
suiUSDe is immediately integrated across Sui's core DeFi infrastructure. It is available on protocols including Aftermath, Bluefin, Cetus, Navi, Scallop, and Suilend for trading, lending, and yield strategies. Crucially, it is the first synthetic dollar supported within Sui's DeepBook Margin system, enabling its use for leveraged trading and integrated risk management.
The initiative is a strategic collaboration between Ethena Labs, SUI Group Holdings, and the Sui Foundation. A distinctive feature ties the stablecoin's success directly to the Sui ecosystem: net revenue generated by suiUSDe, after costs, will be used by the Sui Foundation and SUI Group to purchase SUI tokens on the open market, creating a buyback mechanism.
This launch is part of a broader strategy for Sui. A second product, USDi—backed by BlackRock's BUIDL tokenized fund—is expected to launch on the network later in 2026, aiming to embed tokenized real-world asset (RWA) exposure within its ecosystem.
