{"id":"esui-dollar","title":"eSui Dollar","content":"**eSui Dollar (suiUSDe)** is a synthetic dollar stablecoin that integrates seamlessly with the [Sui](https://iq.wiki/wiki/sui) [blockchain's](https://iq.wiki/wiki/blockchain) [decentralized finance](https://iq.wiki/wiki/defi) (DeFi) infrastructure. Launched in early 2026, the eSui Dollar aims to provide stable, programmable liquidity optimized for on-chain financial operations. By working with [Ethena](https://iq.wiki/wiki/ethena) Labs, the Sui network created an asset that bridges traditional financial stability with the efficiencies of [blockchain](https://iq.wiki/wiki/blockchain) technology. As a high-performance financial instrument, the eSui Dollar facilitates advanced DeFi applications, margin trading, and other trading strategies. [\\[1\\]](#cite-id-L12JgzYicNV4hQ7h)​\n\n## Overview\n\neSui Dollar (suiUSDe) is a synthetic dollar [stablecoin](https://iq.wiki/wiki/stablecoin) issued on the [Sui](https://iq.wiki/wiki/sui) [blockchain](https://iq.wiki/wiki/blockchain) through an initiative involving [Ethena](https://iq.wiki/wiki/ethena) Labs, [Mysten Labs](https://iq.wiki/wiki/mysten-labs), and SUI Group Holdings. The asset was launched on Sui [Mainnet](https://iq.wiki/wiki/mainnet) in February 2026 and is used within applications operating across the network's [DeFi](https://iq.wiki/wiki/defi) and trading infrastructure.\n\nThe [stablecoin](https://iq.wiki/wiki/stablecoin) follows a delta-neutral model that combines [digital-asset](https://iq.wiki/wiki/digital-assets) collateral with short futures positions. This structure is intended to maintain its reference value against the US Dollar. At launch, a $10 million vault was established by SUI Group Holdings through Ember Protocol. The asset was subsequently made available across several Sui-based protocols, including [DeepBook](https://iq.wiki/wiki/deepbook) Margin, Abyss, [Cetus](https://iq.wiki/wiki/cetus-protocol), Navi, and \\[Scallop], where it can be used in functions such as collateral, margin trading, liquidity provision, and yield-related activities.\n\nThe eSui Dollar is deployed as a synthetic dollar within the Sui ecosystem, extending the range of [stablecoin](https://iq.wiki/wiki/stablecoin)-based assets available on the network. Its implementation uses [Sui's](https://iq.wiki/wiki/sui) [blockchain](https://iq.wiki/wiki/blockchain) infrastructure rather than an [Ethereum Virtual Machine](https://iq.wiki/wiki/ethereum-virtual-machine-evm) (EVM)-based environment. [\\[1\\]](#cite-id-L12JgzYicNV4hQ7h)  [\\[4\\]](#cite-id-SrhXPVywF14kjcYm)  [\\[8\\]](#cite-id-L9ZI7HpuvIclSfhk) \n\n## Background & Launch\n\nThe eSui Dollar represents the first synthetic dollar integrated into the [Sui](https://iq.wiki/wiki/sui) [blockchain](https://iq.wiki/wiki/blockchain), a [layer 1](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain) developed by [Mysten Labs](https://iq.wiki/wiki/mysten-labs). The project was launched on the Sui [Mainnet](https://iq.wiki/wiki/mainnet) to expand the network's [stablecoin](https://iq.wiki/wiki/stablecoin) offerings and enhance its financial infrastructure with on-chain, programmable assets like the eSui Dollar. [\\[2\\]](#cite-id-q8PO589gTBDtuoMe)​\n\nUpon its launch in February 2026, the eSui Dollar was supported by an initial $10 million vault seeded by SUI Group Holdings through Ember Protocol, promoting liquidity and market participation. The vault is designed to generate [stablecoin](https://iq.wiki/wiki/stablecoin)-based yield for institutional and retail participants alike. [\\[1\\]](#cite-id-L12JgzYicNV4hQ7h)​\n\n## Mechanism & Design\n\nThe eSui Dollar is constructed as a synthetic [stablecoin](https://iq.wiki/wiki/stablecoin) pegged to the US Dollar, employing a delta-neutral hedging mechanism common to [Ethena](https://iq.wiki/wiki/ethena) Labs' stablecoin models. Its value is backed primarily by [digital-asset](https://iq.wiki/wiki/digital-assets) collateral combined with short futures positions managed on-chain. This infrastructure allows the eSui Dollar to maintain its peg while operating natively within the [Sui](https://iq.wiki/wiki/sui) [blockchain](https://iq.wiki/wiki/blockchain), making it a more efficient alternative to traditional fiat-backed [stablecoins](https://iq.wiki/wiki/stablecoin). [\\[3\\]](#cite-id-KkpkFCf3nT1kfbYN)​\n\nDesigned for integration with [Sui's](https://iq.wiki/wiki/sui) on-chain financial ecosystems, the eSui Dollar advances the usability of synthetic dollars in complex trading environments. Its deployment aligns with the strategic decision-making and operational controls of the SUI Group, which provides governance and oversight. [\\[4\\]](#cite-id-SrhXPVywF14kjcYm)​\n\n## Use Cases & Utility\n\nThe eSui Dollar serves several critical roles within the [Sui](https://iq.wiki/wiki/sui) [blockchain's](https://iq.wiki/wiki/blockchain) financial systems:\n\n1. **Value Retention**: eSui Dollar allows users to hold a stable, on-chain representation of the US Dollar, protecting traders against [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) market volatility.\n2. **Yield Generation**: The eSui Dollar is used in various [Sui](https://iq.wiki/wiki/sui)-based [DeFi](https://iq.wiki/wiki/defi) protocols for generating yield, providing opportunities for passive income and active trading strategies.\n3. **Cross-border Settlement**: As a [stablecoin](https://iq.wiki/wiki/stablecoin), it offers global, low-latency transfer of value, enhancing cross-border transactions with reduced friction.\n4. **Collateralization**: It serves as a stable collateral base for margin trading and lending protocols, enabling leveraged trading with reduced volatility risks. [\\[2\\]](#cite-id-q8PO589gTBDtuoMe)\n\n## Technology & Integration\n\nThe eSui Dollar was specifically developed to integrate with [Sui's](https://iq.wiki/wiki/sui) [DeepBook](https://iq.wiki/wiki/deepbook) Margin trading system, elevating its capabilities for capital-efficient trading operations. This system offers features such as programmable margin pools and real-time liquidation engines, ensuring resilience and flexibility in trading activities. [\\[2\\]](#cite-id-q8PO589gTBDtuoMe)​\n\nFurthermore, the eSui Dollar supports a wide range of [Sui](https://iq.wiki/wiki/sui)-based protocols, ensuring immediate utility and liquidity. Significant contributors to its functionality include Abyss, [Cetus](https://iq.wiki/wiki/cetus-protocol), Navi, and [Scallop](https://iq.wiki/wiki/scallop), which have integrated the dollar to increase its application across margin trading, yielding, and collateral frameworks. [\\[5\\]](#cite-id-WRfQGNUXa8XKQAZk)​\n\n## Team & Governance\n\nThe design and implementation of the eSui Dollar were managed collaboratively by SUI Group Holdings, [Mysten Labs](https://iq.wiki/wiki/mysten-labs), and [Ethena](https://iq.wiki/wiki/ethena) Labs. Mysten Labs, known for contributing to the technical foundation of the [Sui](https://iq.wiki/wiki/sui) network, played a pivotal role in its technical deployment. SUI Group Holdings, listed on NASDAQ as SUIG, focuses on advancing institutional adoption of [blockchain](https://iq.wiki/wiki/blockchain) technology by supporting on-chain market infrastructure development. [\\[6\\]](#cite-id-eHKB3IuCF3jIc57F)​\n\nGovernance of the eSui Dollar includes oversight from these institutional stakeholders ensuring the [stablecoin's](https://iq.wiki/wiki/stablecoin) continuous operation within the parameters of [Sui's](https://iq.wiki/wiki/sui) regulatory and economic framework. [\\[7\\]](#cite-id-ZfoQl6bDe5Fc5Ljr)​\n\n## Adoption & Impact\n\nSince its launch, the eSui Dollar has seen rapid adoption across the [Sui](https://iq.wiki/wiki/sui) ecosystem, supported by its robust design and strategic institutional backing. Its deployment has not only expanded the utility of synthetic dollars within the [blockchain](https://iq.wiki/wiki/blockchain) ecosystem but also demonstrated the feasibility of non-[EVM](https://iq.wiki/wiki/ethereum-virtual-machine-evm) based synthetic assets. [\\[8\\]](#cite-id-L9ZI7HpuvIclSfhk)​\n\nBy providing a platform for advanced [DeFi](https://iq.wiki/wiki/defi) protocols, margin trading, and yield generation, the eSui Dollar has cemented its role in driving the evolution of financial systems within the [blockchain](https://iq.wiki/wiki/blockchain) and beyond. [\\[2\\]](#cite-id-q8PO589gTBDtuoMe)​","summary":"eSui Dollar (suiUSDe) is a synthetic stablecoin on the Sui blockchain, designed to offer a stable digital representation of the US Dollar for programmable liquidity in decentralized finance applications.","images":[{"id":"QmWeBN5NJQk8MxcPTCXt9kfR4kyVDfssc6S11KeiMmLAoC","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptoassets","title":"cryptoassets"}],"tags":[{"id":"Stablecoin"},{"id":"Solana"}],"media":[{"id":"Qmbepi2E9QD3mqDLsHE2yp5jsZ8PF46oXPaFZKUAQwBXTQ","name":"ChatGPT Image Aug 12, 2026, 05_44_16 AM.png","caption":"","thumbnail":"Qmbepi2E9QD3mqDLsHE2yp5jsZ8PF46oXPaFZKUAQwBXTQ","source":"IPFS_IMG"},{"id":"QmQvnxFC1pmbeuWznVMgnAfMTFzkV745Fv2GAJT9zXLQP2","name":"Cópia de Design sem nome (9).png","caption":"","thumbnail":"QmQvnxFC1pmbeuWznVMgnAfMTFzkV745Fv2GAJT9zXLQP2","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"L12JgzYicNV4hQ7h\",\n    \"url\": \"https://www.coindesk.com/tech/2026/02/05/ethena-backed-suiusde-stablecoin-goes-live-on-sui-with-usd10-million-yield-vault-launch\",\n    \"description\": \"CoinDesk Article\",\n    \"timestamp\": 1786524334347\n  },\n  {\n    \"id\": \"q8PO589gTBDtuoMe\",\n    \"url\": \"https://www.sui.io/blog/esui-dollar-suiusde-deepbook-margin\",\n    \"description\": \"Sui Blog\",\n    \"timestamp\": 1786524334347\n  },\n  {\n    \"id\": \"KkpkFCf3nT1kfbYN\",\n    \"url\": \"https://pharos.watch/stablecoin/suiusde-sui/\",\n    \"description\": \"Pharos Watch\",\n    \"timestamp\": 1786524334347\n  },\n  {\n    \"id\": \"SrhXPVywF14kjcYm\",\n    \"url\": \"https://www.coingecko.com/en/coins/esui-dollar\",\n    \"description\": \"CoinGecko\",\n    \"timestamp\": 1786524334347\n  },\n  {\n    \"id\": \"WRfQGNUXa8XKQAZk\",\n    \"url\": \"https://x.com/SuiNetwork/status/2021585774739964018\",\n    \"description\": \"SuiNetwork Tweet\",\n    \"timestamp\": 1786524334347\n  },\n  {\n    \"id\": \"eHKB3IuCF3jIc57F\",\n    \"url\": \"https://www.kucoin.com/ar/news/articles/understanding-the-integration-of-esui-dollar-on-the-sui-mainnet\",\n    \"description\": \"KuCoin News\",\n    \"timestamp\": 1786524334347\n  },\n  {\n    \"id\": \"ZfoQl6bDe5Fc5Ljr\",\n    \"url\": \"https://www.businesswire.com/news/home/20260211361691/en/SUI-Group-Launches-eSUI-suiUSDe-with-Ethena-and-Advances-Institutional-Adoption-Through-the-suiUSDe-Vault-on-Ember-Protocol-and-Bluefin\",\n    \"description\": \"BusinessWire\",\n    \"timestamp\": 1786524334347\n  },\n  {\n    \"id\": \"L9ZI7HpuvIclSfhk\",\n    \"url\": \"https://tokenterminal.com/explorer/projects/sui/suiusde/metrics/outstanding-supply\",\n    \"description\": \"Token Terminal\",\n    \"timestamp\": 1786524334347\n  }\n]"},{"id":"website","value":"https://www.sui.io"},{"id":"twitter_profile","value":"https://x.com/SuiNetwork"},{"id":"coinmarketcap_url","value":"https://www.coingecko.com/en/coins/esui-dollar"},{"id":"commit-message","value":"\"Added new wiki: eSui Dollar\""}],"events":[{"id":"82f9fa36-0967-4def-93b8-4cd02a2a20f0","date":"2026-02-01","title":"eSui Dollar Launch on Sui Mainnet","type":"CREATED","description":"The Ethena-backed eSui Dollar went live as the Sui network's first synthetic dollar, supporting margin trading and yield generation.","link":"https://www.coindesk.com/tech/2026/02/05/ethena-backed-suiusde-stablecoin-goes-live-on-sui-with-usd10-million-yield-vault-launch","continent":"NORTH AMERICA","country":"United States"}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"operator":{"id":"0xd5893989b9952c6568a99F854795AcC5Ae480D56"},"language":"en","version":1,"linkedWikis":{"blockchains":["sui"],"founders":[],"speakers":[]}}