Sui Blockchain to dost native stablecoins supported by Ethena and Blackrock’s Buidl
The Sui Blockchain is about to host the first native stablecoins, following a three-way partnership between the public being exchanged by the digital Treasury Firm Sui Group (SUIG), Synthetic Dollar Protocol and the SUI Foundation.
New tokens, USDI and Suiusde, are expected to launch later this year, according to a Press release. The USDI will be supported by 1: 1 through Blackrock’s tokenized Money Market Fund Buidl released with a tokenization specialist securitize. Meanwhile, Suiusde is a reflection of the $ 14 billion USDE who offers Ethena, a synthetic dollar supported by a mix of digital assets and short derivatives.
“We believe that this initiative will add another powerful mechanism to drive liquidity, utility, and long -term value throughout the Sui Blockchain, while positioning the SUIG as one of the first public exchanged in the Global Stablecoin economy,” Marius Barnett, chairman of SUIG, said in a statement.
Moving is the latest example of crypto ecosystems that take steps to issue the owner of stablecoins that cooperate with service providers instead of relying solely on existing offerings such as Circle’s and Tether’s USDT .
For example, for example, . Megaeth, an Ethereum scaling network designed for fast transactions, has also been announced to launch a native Stablecoin, which cooperates with Ethena.
In August, the SUI Network processed $ 229 billion in Stablecoin transfer volume, which exceeded its earlier records, according to a SUI foundation Blog post. This type of throughput is part of what Etherna draws on the chain. “Sui’s performance and composability have become a clear choice,” said Guy Young, CEO of Etherna Labs.
