Sui Blockchain to Host Native Stablecoins Backed by Ethena and BlackRock's Tokenized Fund

The Sui blockchain volition soon big its archetypal autochthonal stablecoins, pursuing a three-way concern betwixt publicly-traded integer plus treasury steadfast SUI Group (SUIG), synthetic dollar protocol Ethena (ENA) and the Sui Foundation.

The caller tokens, USDi and suiUSDe, are expected to motorboat aboriginal this year, according to a press release. USDi volition beryllium backed 1:1 by BlackRock’s tokenized wealth marketplace money BUIDL issued with tokenization specializer Securitize. Meanwhile, suiUSDe volition reflector Ethena’s $14 cardinal USDe offering, a synthetic dollar backed by a premix of integer assets and abbreviated derivatives.

"We judge this inaugural volition adhd different almighty mechanics to thrust liquidity, utility, and semipermanent worth crossed the Sui blockchain, portion positioning SUIG arsenic 1 of the archetypal publically traded gateways to the planetary stablecoin economy," Marius Barnett, president of SUIG, said successful a statement.

The determination is the latest illustration of crypto ecosystems making steps to contented proprietary stablecoins partnering with work providers alternatively of solely relying connected the existing offerings specified arsenic Circle's USDC (USDC) and Tether's USDT (USDT).

For example, Hyperliquid (HYPE), a layer-1 web known for its fashionable on-chain perpetual swaps exchange, held an auction for the rights of issuing the autochthonal USDH stablecoin to curb its reliance connected USDC, with Native Markets successful concern with Stripe winning the competition. MegaETH, an Ethereum scaling web designed for accelerated transactions, besides announced to motorboat a autochthonal stablecoin, partnering with Ethena.

In August, the Sui web processed $229 cardinal successful stablecoin transportation volume, outpacing its erstwhile records, according to a Sui Foundation blog post. That benignant of throughput is portion of what drew Ethena to the chain. "Sui’s show and composability made it a wide choice," said Guy Young, CEO of Ethena Labs.