In a significant week for decentralized finance, two major blockchain ecosystems have announced the launch or upcoming launch of their own native stablecoins, aiming to enhance financial sovereignty and user experience. The Status Network has unveiled plans for its FIRM protocol, a stablecoin system set to launch in 2025, while the Sui blockchain has successfully launched the SuiUSDe synthetic dollar stablecoin on its mainnet, backed by a $10 million yield-bearing vault.
The Status Network's FIRM protocol is a strategic move to bolster its Layer 2 ecosystem. It will issue USF, a U.S. dollar-pegged stablecoin backed by a dual-collateral system of Ethereum (ETH) and the network's native SNT token. Built on the proven framework of Liquity V2, the protocol promises to address critical user pain points by potentially offering gas-free transactions, a feature expected to increase accessibility. The development roadmap includes a testnet phase in Q2 2025, followed by a mainnet beta, with security audits from firms like ChainSecurity and Trail of Bits. The long-term vision is to integrate USF as the default currency within the Status mobile and desktop environments.
Concurrently, the Sui blockchain has activated SuiUSDe, its first native synthetic dollar asset, in partnership with Ethena Labs. Unlike fiat-backed stablecoins, SuiUSDe derives stability from a delta-hedging strategy involving staked crypto assets and short perpetual futures positions. A cornerstone of the launch is the immediate activation of a $10 million yield-bearing vault, which allows users to deposit SuiUSDe and earn yield directly on-chain. This integration is seen as a pivotal step in reducing Sui's reliance on bridged assets like USDC and providing a foundational, yield-generating monetary layer for its DeFi ecosystem.
Both developments highlight a trend of application-specific chains and high-performance networks internalizing critical financial primitives. While FIRM's unique value lies in its deep ecosystem integration and gas-free promise, SuiUSDe's appeal is its native yield generation. Analysts note that these launches could drive increased total value locked (TVL) and developer activity on their respective platforms, though they come with distinct risks—FIRM's model ties stability to SNT's performance, and SuiUSDe's stability depends on the robustness of Ethena's complex hedging strategy.
