Sui Foundation Launches suiUSDe
The Sui Foundation has officially launched suiUSDe, the network’s inaugural native synthetic dollar, on its mainnet as of February 11. This development marks a significant enhancement to the Sui ecosystem, particularly in the domain of decentralized finance (DeFi) and margin trading. Also referred to as eSui Dollar, this innovative asset broadens the asset classes available for trading and lending on the Sui network.
Integration and Unique Features
suiUSDe is now fully integrated with Sui’s core financial systems and has been developed in collaboration with Ethena Labs, leveraging Ethena’s synthetic dollar framework. Contrary to traditional bridged stablecoins, suiUSDe is uniquely designed to function natively within the Sui framework, thereby enhancing the network’s efficiency.
Support and Liquidity Initiatives
One of the pioneering features of this launch is the asset’s support through DeepBook Margin, Sui’s liquidity and margin platform. This integration allows immediate use for operations including margin trading and leveraged strategies, unlocking various trading possibilities for both retail and institutional participants.
Major Sui protocols such as Aftermath, AlphaLend, Bluefin, Cetus, Deeptrade, Navi, Scallop, and Suilend have already committed their support for the new synthetic dollar from the outset, ushering in diverse yield and trading options. Furthermore, SUI Group Holdings, which prioritizes institutional engagement in the Sui ecosystem, has endorsed this initiative, citing it as a pivotal move toward more efficient trading and liquidity frameworks in Sui.
Early Liquidity and Future Plans
In a move to cultivate early liquidity, SUI Group has allocated $10 million worth of freshly minted suiUSDe into a permissionless vault on Ember Protocol, activated with an initial capacity set at $25 million. This vault is open to both institutional and retail investors, promoting a vibrant trading environment.
Ahead of the launch, there were indications of plans to introduce native stablecoins specifically designed for Sui by late 2025. The successful rollout of suiUSDe is positioned as a foundational element in the progression of Sui’s DeFi landscape, aimed at facilitating advanced trading activities, bolstered liquidity, and increased participation from institutional players.
“The launch exemplifies Sui’s ability to support new financial products through its adaptable infrastructural capabilities,”
remarked Mysten Labs co-founder Adeniyi Abiodun.
