Sui Blockchain will soon host its first natives stableecoins after a three -way partnership between publicly traded digitally active tax company Sui Group (Suig), Synthetic Dollar Protocol and Sui Foundation.
The new tokens, USDI and Suiusde, are expected to be launched later in the year, according to a press release. USDI will be supported 1: 1 by Blackrock’s Tokenized Money Market Fund BUIDL issued with tokenization specialist Securitize. Meanwhile, Suiusde ethhena’s $ 14 billion offers mirrors a synthetic dollar supported by a mixture of digital assets and short derivatives.
“We believe this initiative will add another strong mechanism to operating liquidity, utility, and long-term value over Sui Blockchain, while Suig as one of the first public traded gateways to the global stableecoin economy,” Marius Barnett, President of Suig, said in a statement.
The move is the latest example of crypto -ecosystems that make steps to issue proprietary stableecoins, which cooperate with service providers instead of exclusively relying on the existing offers, such as Circle’s and Tether’s Usdt .
For example, A Layer-1 network known for its popular on-chain Perpetual Swaps Exchange had an auction for the rights to issue the original USDH stableecoin to limit its dependence on USDC, with native markets in the partnership with Stripe that wins competition. Megaeth, an Ethereum scaling network designed for quick transactions, also advertised to launch a native stableecoin that collaborates with Ethena.
In August, the SUI network processed $ 229 billion in stableecoin transfer volume and surpassed its previous items, according to a SUI Foundation blog post. That kind of flow is part of what pulled ethena to the chain. “SUI’s performance and composability made it a clear choice,” said Guy Young, CEO of Ethena Labs.
