Key Takeaways
- MEXC has now committed a total of $30 million to Ethena’s governance token ENA.
- The firm positions itself as an “industry enabler”.
- Ethena is expanding its synthetic dollar protocol and governance token adoption.
SUI Group Holdings, the digital asset treasury company tied to the Sui blockchain, said on Wednesday it will launch two native stablecoins in partnership with Ethena Labs and the Sui Foundation.
The announcement, made during TOKEN2049, marks an industry-first collaboration between a digital treasury, a blockchain foundation and a stablecoin issuer.
suiUSDe
The new suiUSDe, a synthetic dollar powered by Ethena’s infrastructure similar to USDe, is expected to go live before the end of 2025.
“This represents our first step to building infrastructure as a treasury vehicle in our vision of creating the new generation of a ‘SUI Bank,’” said Marius Barnett, chairman of SUI Group.
“By unlocking new revenue streams tied to stablecoin adoption and transaction flow, we are focused on delivering scalable economic value for our shareholders.”
SuiUSDe will mark the first time a non-Ethereum Virtual Machine (EVM) blockchain hosts a native, income-generating stable asset.
According to the Sui Foundation’s blog, net income from the token’s reserves will be reinvested into buying SUI tokens on the open market, providing “a powerful mechanism for ecosystem growth.”
“Bringing to Sui the first digital dollar of its kind in suiUSDe represents a major step forward and a new pillar of Sui DeFi infrastructure,” said Adeniyi Abiodun, co-founder of Mysten Labs, an original contributor to Sui.
Ethena Labs and Sui Stablecoins
Ethena is the protocol behind USDe, the third-largest U.S. dollar-denominated digital asset and one of the fastest-growing stablecoins in history.
The two new tokens on Sui are part of Ethena’s Whitelabel program, a stablecoin-as-a-service platform that lets blockchains and applications issue their own digital dollars using Ethena’s infrastructure.
“Ethena Whitelabel allows the most performant chains, consumer-facing applications, and wallets with existing user distribution to instantly create dollar assets with minimal friction,” it wrote on X during the announcement.
Ethena said it was the only stablecoin issuer offering such a model at scale, with more than $15 billion in assets already in circulation through its flagship token USDe.
Sui joins other tier-one partners, including MegaETH, that are also building custom digital dollars under the program.
On Wednesday, MEXC Ventures announced a second investment into Ethena, bringing its total investment to $30 million.
USDi
In addition to suiUSDe, SUI Group and Ethena will also launch USDi, a stablecoin backed 1:1 by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
BUIDL, launched in March 2024, invests in short-term U.S. government securities and cash equivalents.
By tokenizing the fund, investors can hold shares on-chain, creating a blockchain representation of what was once a strictly traditional financial instrument.
Through USDi, Sui users will gain access to the stability of U.S. money market exposure combined with the speed of the Sui blockchain.
“We believe this initiative will add another powerful mechanism to drive liquidity, utility, and long-term value across the Sui blockchain, while positioning SUIG as one of the first publicly traded gateways to the global stablecoin economy,” Barnett added.
The move highlights growing overlap between traditional finance and blockchain-based stable assets.
Guy Young, founder and chief executive of Ethena Labs, said Sui’s “performance and composability made it a clear choice for bringing these powerful, new-age stablecoin products beyond the EVM.”
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
