Sui Group Holdings Limited, in partnership with Ethena Labs and the Sui foundation, revealed plans to introduce two native stablecoins—suiUSDe and USDi—on the Sui blockchain, marking an industry-first collaboration between a Nasdaq-listed digital asset treasury, a blockchain foundation, and an established stablecoin issuer; the initiative, slated for Q4 2025, positions Sui as the first non-EVM network to host native, income-generating dollar assets by combining a synthetic, futures-backed token (suiUSDe) with a tokenized money market–backed instrument (USDi tied to BlackRock’s BUIDL), designed for capital efficiency, low on‑chain costs, and reserve-generated revenue that will be deployed to acquire SUI and bolster the treasury, while also exposing the project to regulatory scrutiny, integration challenges, and stiff competition from incumbent dollar tokens. This strategy reflects growing interest in on-chain reserve mechanisms to influence token value and ecosystem sustainability. The announcement follows a period of market momentum for SUI, which rose approximately 5% in 24 hours, broke a key resistance near $3.56 and established new support with rising volume, and coincides with institutional signals such as Coinbase Derivatives’ planned listing of SUI futures later in October 2025. The dual-stablecoin architecture blends two distinct economic models: a synthetic, futures-backed suiUSDe that maintains dollar parity via collateralized positions and futures hedges, and USDi that represents tokenized exposure to the BlackRock USD Institutional Digital Liquidity Fund, offering money-market style yield and operational simplicity. Both instruments are presented as capital-efficient and low-cost to transact on Sui’s architecture, and both route reserve income toward open-market SUI acquisitions and treasury strengthening, a deliberate feedback loop intended to align treasury incentives with token appreciation and ecosystem sustainability. Integration with core infrastructure, including the DeepBook decentralized exchange, aims to seed liquidity, enhance payments rails, and broaden DeFi composability on Sui. Ethena Labs and the Sui Foundation have said the reserve revenue will be used to acquire additional SUI tokens to support the ecosystem. The partnership also signals a novel corporate posture: a publicly traded treasury actively engineering on-chain instruments to generate yield and shareholder value. Risks remain material. Regulatory review of reserve practices, the technical complexity of integrating non-EVM primitives, and entrenched competition from Circle, Tether and other liquidity providers create uncertain adoption dynamics. Market volatility could strain synthetic mechanisms. Nonetheless, if execution aligns with design, Sui’s initiative could materially reshape non-EVM stablecoin utility and institutional engagement in its ecosystem. Additional transparency disclosures will be required, including periodic reserve audits to validate backing, which underscores the need for reserve transparency.
