{"id":"suiusde","title":"SuiUSDe","content":"**suiUSDe**, also known as **eSui Dollar**, is a proprietary, yield-generating synthetic dollar native to the [Sui](https://iq.wiki/wiki/sui) blockchain. Announced on October 1, 2025, it is the result of a partnership between the [Sui](https://iq.wiki/wiki/sui) Foundation, the Nasdaq-listed SUI Group Holdings Limited (SUIG), and [Ethena](https://iq.wiki/wiki/ethena) Labs. The asset is powered by [Ethena](https://iq.wiki/wiki/ethena)'s infrastructure, which is also behind the USDe synthetic dollar. SuiUSDe is designed to be a core component of [Sui](https://iq.wiki/wiki/sui)'s [Decentralized Finance](https://iq.wiki/wiki/defi) (DeFi) ecosystem, with its generated revenue being used to purchase [SUI](https://iq.wiki/wiki/sui) tokens, creating a growth mechanism for the network. It represents the first time an income-generating, [Ethena](https://iq.wiki/wiki/ethena)-powered stable asset has launched on a non-EVM blockchain. [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk) [\\[2\\]](#cite-id-JaG7tMesfbsQxqv7) [\\[3\\]](#cite-id-S3VCVD8rmfk6ieLD)​\n\n## History\n\n* **October 1, 2025**: The [Sui](https://iq.wiki/wiki/sui) Foundation, SUI Group, and [Ethena](https://iq.wiki/wiki/ethena) Labs officially announce the partnership and plans to launch suiUSDe and a related stablecoin, USDi, on the [Sui](https://iq.wiki/wiki/sui) network. The initial launch window was scheduled for Q4 2025. [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk) [\\[2\\]](#cite-id-JaG7tMesfbsQxqv7) [\\[4\\]](#cite-id-NZVoJ8QrkNhALG3G)\n* **February 11, 2026**: The eSui Dollar (suiUSDe) goes live on the [Sui](https://iq.wiki/wiki/sui) [Mainnet](https://iq.wiki/wiki/mainnet). The launch included its integration into the [DeepBook](https://iq.wiki/wiki/deepbook) Margin system and the creation of a permissionless suiUSDe yield vault on Ember Protocol, seeded with an initial $10 million by SUI Group Holdings. [\\[5\\]](#cite-id-K5fDHdCpgZ1VVHQ8) [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk)\n\n## Overview\n\nsuiUSDe is a stable asset designed to maintain a value pegged to the US dollar. It is not a traditional fiat-collateralized stablecoin; instead, it is a synthetic dollar backed by a portfolio of crypto assets and corresponding short futures positions. This structure, pioneered by [Ethena](https://iq.wiki/wiki/ethena) Labs, allows it to generate a native yield from its backing reserves. [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk) [\\[3\\]](#cite-id-S3VCVD8rmfk6ieLD)​\n\nThe launch is part of a broader strategy to enhance [Sui](https://iq.wiki/wiki/sui)'s DeFi capabilities, provide new financial primitives for developers, and drive value back to the native [SUI](https://iq.wiki/wiki/sui) token. Its introduction on the high-performance [Sui](https://iq.wiki/wiki/sui) network aims to facilitate large-scale stablecoin transfers and complex DeFi strategies. According to Marius Barnett, Chairman of SUI Group, the strategic goal was twofold: \"Launching the Ethena-backed suiUSDe was about establishing native, reliable dollar infrastructure on [Sui](https://iq.wiki/wiki/sui). Seeding the suiUSDe Vault with $10 million is how we move that infrastructure into active use.\" [\\[5\\]](#cite-id-K5fDHdCpgZ1VVHQ8)​\n\n## Technology and Mechanism\n\nsuiUSDe's functionality is powered by [Ethena](https://iq.wiki/wiki/ethena) Labs' technology, delivered through its \"Stablecoin-as-a-Service\" stack, also referred to as the [Ethena](https://iq.wiki/wiki/ethena) Whitelabel product line. This allows partners like [Sui](https://iq.wiki/wiki/sui) to launch their own branded synthetic dollars using [Ethena](https://iq.wiki/wiki/ethena)'s established infrastructure. [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk) [\\[4\\]](#cite-id-NZVoJ8QrkNhALG3G)​\n\n### Backing and Yield Generation\n\nThe asset is backed by a delta-neutral portfolio. This strategy involves holding spot crypto assets (e.g., staked ETH liquid staking tokens) while simultaneously holding an equivalent short position in perpetual futures for those same assets. This approach is designed to neutralize the price volatility of the underlying collateral, maintaining the peg to the US dollar. [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk) [\\[3\\]](#cite-id-S3VCVD8rmfk6ieLD)​\n\nThe yield for suiUSDe is generated from two primary sources:\n\n1. [Staking](https://iq.wiki/wiki/staking) rewards from the underlying spot crypto assets.\n2. Funding payments received from the short perpetual futures positions. [\\[3\\]](#cite-id-S3VCVD8rmfk6ieLD)\n\n### Native Integration on Sui\n\nAs a native [Sui](https://iq.wiki/wiki/sui) asset, suiUSDe is designed to integrate deeply within the [Sui](https://iq.wiki/wiki/sui) DeFi ecosystem, operating as active on-chain market infrastructure rather than a simple tokenized representation of off-chain cash. A key feature is its integration with [DeepBook](https://iq.wiki/wiki/deepbook) Margin, a system that embeds margin trading directly into the [Sui](https://iq.wiki/wiki/sui) network's liquidity layer. This allows suiUSDe to be used natively for leveraged trading, risk management, and rewards within a single venue. The choice of [Sui](https://iq.wiki/wiki/sui) as the host network was strategic, leveraging its high throughput and scalability. In August 2025, the [Sui](https://iq.wiki/wiki/sui) network recorded $229 billion in [stablecoin](https://iq.wiki/wiki/stablecoin) transfer volume, demonstrating its capacity for high-performance financial applications. [\\[5\\]](#cite-id-K5fDHdCpgZ1VVHQ8) [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk)​\n\n## Partnership\n\nThe creation of suiUSDe is a three-way collaboration noted as an industry-first between a foundation, a publicly traded digital asset company, and a stablecoin protocol. [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk)​\n\n* **Sui Foundation**: A key partner in the initiative, the [Sui](https://iq.wiki/wiki/sui) Foundation helps guide the project and ensures its alignment with the broader ecosystem's growth. It is one of the entities responsible for using the generated revenue to buy [SUI](https://iq.wiki/wiki/sui) tokens. [\\[3\\]](#cite-id-S3VCVD8rmfk6ieLD)\n* **SUI Group Holdings Limited (NASDAQ: SUIG)**: A Nasdaq-listed company focused on the [Sui](https://iq.wiki/wiki/sui) ecosystem's treasury. SUIG co-announced the launch, participates in the [SUI](https://iq.wiki/wiki/sui) token buyback program, and deployed the initial $10 million into the suiUSDe yield vault. Chairman Marius Barnett described the launch as a step toward building a \"next-generation 'SUI Bank'\" and creating a \"publicly traded gateway to the global stablecoin economy.\" [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk) [\\[2\\]](#cite-id-JaG7tMesfbsQxqv7)\n* **Ethena Labs**: The technology provider behind suiUSDe. [Ethena](https://iq.wiki/wiki/ethena) is the creator of USDe, a rapidly growing synthetic dollar. The collaboration utilizes [Ethena](https://iq.wiki/wiki/ethena)'s expertise and infrastructure to expand its stablecoin model beyond the EVM ecosystem. [Guy Young](https://iq.wiki/wiki/guy-young), Founder and CEO at [Ethena](https://iq.wiki/wiki/ethena) Labs, stated, \"Sui’s performance and composability made it a clear choice for bringing these powerful, new-age stablecoin products beyond the EVM.\" [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk)\n\n## Tokenomics and Ecosystem Impact\n\n### Value Accrual\n\nThe core of suiUSDe's tokenomics is a direct value accrual mechanism for the [SUI](https://iq.wiki/wiki/sui) token. All net income generated by the asset's reserves, after deducting operational costs, is systematically used to purchase [SUI](https://iq.wiki/wiki/sui) tokens on the open market. This process, executed by the [Sui](https://iq.wiki/wiki/sui) Foundation and [SUI](https://iq.wiki/wiki/sui) Group, is designed to create a sustainable, self-reinforcing value loop, where the adoption of suiUSDe directly contributes to buy pressure and liquidity for the [SUI](https://iq.wiki/wiki/sui) token. A portion of the net revenue generated is also allocated to [SUI](https://iq.wiki/wiki/sui) Group's treasury to strengthen its balance sheet. [\\[1\\]](#cite-id-n1mIoJE5c4ROfaGk) [\\[3\\]](#cite-id-S3VCVD8rmfk6ieLD) [\\[2\\]](#cite-id-JaG7tMesfbsQxqv7)​\n\n### suiUSDe Yield Vault\n\nUpon its launch, a permissionless suiUSDe vault was established on the Ember Protocol to provide stablecoin-based yield opportunities for both institutional and retail users.\n\n* **Operating Protocol**: Ember Protocol (incubated by the Bluefin team).\n* **Initial Seed**: $10 million, provided by SUI Group Holdings.\n* **Initial Capacity**: The vault launched with an initial capacity of $25 million. [\\[5\\]](#cite-id-K5fDHdCpgZ1VVHQ8)\n\n### Protocol Integration\n\nSuiUSDe was integrated across multiple protocols on the [Sui](https://iq.wiki/wiki/sui) blockchain at launch, enabling its use in a variety of DeFi activities such as trading, lending, and yield farming. Protocols supporting suiUSDe include:\n\n* Aftermath\n* Bluefin\n* Cetus\n* Navi\n* [Scallop](https://iq.wiki/wiki/scallop)\n* Suilend [\\[5\\]](#cite-id-K5fDHdCpgZ1VVHQ8)","summary":"SuiUSDe is a yield-generating synthetic dollar on the Sui network, launched via a partnership between SUI Group, Ethena Labs, and the Sui Foundation. It is a wrapped version of Ethena's USDe, backed by a delta-neutral hedging strategy.","images":[{"id":"QmfW7Pyb1wKFJS9oFQrpoxvytxdu34Q31ZZMAGmWdqPpVz","type":"image/jpeg, image/png"}],"categories":[{"id":"defi","title":"defi"}],"tags":[{"id":"Stablecoins"},{"id":"Developers"},{"id":"Protocols"},{"id":"Organizations"},{"id":"Blockchains"}],"media":[{"id":"QmTXmPwVbrTTxDBEf1zrKTmEPf4UcQWHGhXUzQnrqpie6H","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmPuXhx63CSfx15L5ivXzBzyR2AunXt7T7RM9vo1xCusqZ","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmVM9fJRzv4KLig6QPeiTmL2hWWgDfMKPiSohgKGVNeRb8","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmTyXpRjyM83r9291PfBS4azEHq6Ehw1Mkq5yM3rojGaZV","type":"GALLERY","source":"IPFS_IMG"}],"metadata":[{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/suiusde/"},{"id":"website","value":"https://sui.io/"},{"id":"twitter_profile","value":"https://twitter.com/SuiNetwork"},{"id":"references","value":"[{\"id\":\"n1mIoJE5c4ROfaGk\",\"url\":\"https://blog.sui.io/suig-ethena-suiusde-stablecoin/\",\"description\":\"Sui blog detailing the suiUSDe synthetic dollar\",\"timestamp\":1770827690918},{\"id\":\"JaG7tMesfbsQxqv7\",\"url\":\"https://www.businesswire.com/news/home/20251001465102/en/SUI-Group-Partners-with-Ethena-and-the-Sui-Foundation-to-Launch-suiUSDe-and-USDi-the-First-Native-Sui-Stablecoins\",\"description\":\"SUI Group announces partnership for native Sui stablecoins\",\"timestamp\":1770827690918},{\"id\":\"S3VCVD8rmfk6ieLD\",\"url\":\"https://coinmarketcap.com/currencies/suiusde/\",\"description\":\"CoinMarketCap overview of suiUSDe\",\"timestamp\":1770827690918},{\"id\":\"NZVoJ8QrkNhALG3G\",\"url\":\"https://x.com/ethena\\\\_labs/status/1973531427057836456\",\"description\":\"Ethena's announcement of suiUSDe and USDi on X\",\"timestamp\":1770827690918},{\"id\":\"K5fDHdCpgZ1VVHQ8\",\"url\":\"https://www.coindesk.com/tech/2026/02/05/ethena-backed-suiusde-stablecoin-goes-live-on-sui-with-usd10-million-yield-vault-launch\",\"description\":\"Coindesk report on the suiUSDe mainnet launch and yield vault\",\"timestamp\":1770827690918}]"},{"id":"commit-message","value":"\"Added suiUSDe wiki page\""}],"events":[{"id":"e8c4a032-7fc1-4ab9-9f2f-b4914fc7355f","date":"2025-10","title":"SuiUSDe Project Partnership Announced","type":"CREATED","description":"SUI Group, Ethena Labs, and the Sui Foundation announced a partnership to launch suiUSDe, a native synthetic dollar on the Sui network.","link":"https://www.businesswire.com/news/home/20251001465102/en/SUI-Group-Partners-with-Ethena-and-the-Sui-Foundation-to-Launch-suiUSDe-and-USDi-the-First-Native-Sui-Stablecoins","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"95c77053-1e9d-40b3-b743-a48ff06a9650","date":"2026-02","title":"Official Launch on Sui Mainnet","type":"DEFAULT","description":"suiUSDe officially launched on the Sui mainnet, integrated with DeepBook Margin and supported by a $10 million yield vault seeded by SUI Group.","link":"https://www.coindesk.com/tech/2026/02/05/ethena-backed-suiusde-stablecoin-goes-live-on-sui-with-usd10-million-yield-vault-launch","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"operator":{"id":"0x1E23b34d3106F0C1c74D17f2Cd0F65cdb039b138"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum"],"founders":[],"speakers":[]}}