Ethena Labs Brings Two Stablecoins to Sui Network in Q4
Ethena Labs, a leading stablecoin issuer, has partnered with Sui, a fast-growing blockchain network. This move reflects a broader trend of stablecoin issuers seeking deeper ties with expanding networks. The collaboration brings two stablecoins, suiUSDe and USDi, to the Sui network, offering a dual approach to stablecoin integration.
Ethena Labs' Whitelabel service enables swift deployment of dollar assets on top-performing chains, wallets, and applications. This partnership extends Ethena's distribution channels following successful deals with MegaETH and other top-tier networks in its stablecoin program.
The two stablecoins, suiUSDe and USDi, are designed to strengthen Sui's base for DeFi activity and payments. suiUSDe will be backed by USDe with delta-hedged SUI, while USDi, supported by the Monetary Authority of Singapore (MAS), will be fully collateralized by USDtb linked to BlackRock's BUIDL. Ethena expects these stablecoins to become critical pieces of liquidity for Sui's DeFi markets once they launch later this year.
Ethena Labs, the only issuer running a Stablecoin-as-a-Service product line at a $15 billion scale, will launch suiUSDe and USDi on the Sui Network in Q4. This partnership reflects Ethena's commitment to expanding its stablecoin program and supporting the growth of DeFi markets on the Sui network.
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