Sui introduces suiUSDe digital dollar token backed by digital assets with Ethena's support

Key Takeaways

Sui has introduced suiUSDe, a synthetic dollar stablecoin, on its blockchain.
suiUSDe will be backed by digital assets paired with short futures positions, instead of traditional fiat reserves.

Sui, a layer 1 blockchain focused on high-performance DeFi applications, announced the upcoming launch of suiUSDe, a native synthetic dollar token backed by digital assets, in partnership with Ethena, the issuer of USDe.

The upcoming suiUSDe will function as a Sui-native income-generating asset powered by Ethena’s infrastructure. Its backing mechanism combines digital assets with corresponding short futures positions to generate yield without relying on traditional fiat reserves.

Revenue generated from suiUSDe will be directed toward purchasing additional SUI tokens, reinforcing the ecosystem through coordinated buybacks by the Sui Foundation and SUI Group.