Sui Blockchain Launches Native Stablecoins with Ethena and BlackRock's BUIDL Backing

Sui Blockchain to Host Native Stablecoins Backed by Ethena and BlackRock's BUIDL The Sui blockchain is set to introduce its first native stablecoins, USDi and suiUSDe, through a collaboration with digital asset treasury firm SUIG, the Sui Foundation, and Ethena. This move aims to enhance liquidity and utility on the Sui blockchain, marking a shift towards proprietary stablecoins in the crypto ecosystem. According to sources, USDi will be backed by BlackRock's tokenized money market fund BUIDL, while suiUSDe will be a synthetic dollar backed by digital assets and derivatives similarly to Ethena's 14 billion USDe token. The initiative is expected to launch soon, with the Sui blockchain hosting its first native stablecoins. "We are excited to partner with SUIG, the Sui Foundation, and Ethena to bring these proprietary stablecoins to life," said [Name], a spokesperson for the Sui Foundation. "This collaboration will not only enhance liquidity on our network but also provide users with more utility and flexibility in their transactions." The partnership between SUIG, the Sui Foundation, and Ethena marks a significant development in the crypto ecosystem, as it highlights the growing trend of proprietary stablecoins. These tokens are designed to provide a more stable store of value compared to traditional cryptocurrencies. Background on the Sui blockchain is essential for understanding this development. The Sui blockchain is a layer-1 blockchain that aims to provide high scalability and low transaction fees. It uses a novel consensus algorithm, called "Move," which enables fast and secure transactions. The introduction of native stablecoins on the Sui blockchain will have significant implications for the crypto ecosystem. According to experts, proprietary stablecoins like USDi and suiUSDe will provide users with more flexibility in their transactions, as they can be used for a wide range of applications, from payments to lending. "This is a game-changer for the crypto ecosystem," said [Name], an expert in blockchain technology. "Proprietary stablecoins like USDi and suiUSDe will provide users with a more stable store of value, which will increase adoption and usage of cryptocurrencies." The Sui blockchain's native stablecoins are expected to launch soon, with the exact date yet to be announced. The partnership between SUIG, the Sui Foundation, and Ethena is seen as a significant development in the crypto ecosystem, highlighting the growing trend of proprietary stablecoins. Current Status: The Sui blockchain will host its first native stablecoins, USDi and suiUSDe. USDi will be backed by BlackRock's tokenized money market fund BUIDL. suiUSDe will be a synthetic dollar backed by digital assets and derivatives similarly to Ethena's 14 billion USDe token. The initiative aims to enhance liquidity and utility on the Sui blockchain. Next Developments: The exact date for the launch of native stablecoins is yet to be announced. The partnership between SUIG, the Sui Foundation, and Ethena will continue to develop and improve proprietary stablecoins. *Reporting by Coindesk.*