Synthetic stablecoins return to the spotlight this year-at this time with a modified financial engineering trust designed to neutralize volatility through delta-hedged techniques.
On Wednesday, the SUI Group, a public -exchanged company that provides exposure to the Sui Blockchain, announced Plan to launch Suiusde and USDI, described as the first native stablecoins of the Sui Ecosystem. The initiative was developed in collaboration with the Etherna Labs and the SUI Foundation.
The two stablecoins take unique techniques of maintaining a dollar peg. USDI is fully mai -back by tokenized shares of USD Institutional Digital Liquidity Fund of Blackrock .
By contrast, Suiusde will be a synthetic dollar that uses the delta-neutral hedging approach, combining the crypto collateral with short positions in futures, to stabilize its value.
The cooperation with Ethena is noteworthy. Ethena’s flagship product, USDE, is currently the largest synthetic dollar in the market. It maintains the peg through collateralized positions with hedged with ongoing futures contracts-a design that has helped gain traction as an alternative to capital alternatives to fiat-back stablecoins.
According to CoinMarketCap, USDE is now the third largest stablecoin in the world, with a market capitalization of $ 14.8 billion, more than doubling since July.
Etherna’s ecosystem is in the middle of a recent -what $ 2 billion shelf registration by mega matrixa publicly listed company that accumulates Ethhena’s management token (This one). The ENA may expose the Mega Matrix to the revenue generated by the USDE synthetic dollar protocol.
The introduction of native stablecoins can mark an important step for the SUI, which has emerged as one of the fastest growing layers 1 blockchain. Developed by Mysten Labs, SUI emphasizes the transaction in parallel processing To boost scalability and efficiency.
Until this week, Sui rank as the 15th-largest blockchain by market capitalization, worth more than $ 13 billion.
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The Stablecoin Market led the $ 300 billion
The global Stablecoin market exceeds a new milestone, crossing $ 300 billion to the total amount of circulating -switch, according to CoinMarketCap Data.
While the synthetic stablecoins are rapidly expanding, they still represent a small portion of the general market, which remains dominated by the traditional, fully collateralized token.
The recent sector growth is supported in part of the regulation of the United States. The Passing the Genius Act -The law that establishes reserve and reporting standards for fully collateralized dollars backed Stablecoins-is viewed as a positive step for industry clarity and institutional adoption.
Despite the rising competition, Tether’s USDT (USDT) and USDC of the Circle (USDC) Continue to rule the market. The USDT recorded $ 19.6 billion in net inflows in the third quarter, followed by the USDC with $ 12.3 billion and Ethena’s USDE with $ 9 billion, According to industry data.
The SUI enters a tight arena of the Stablecoin network, along with the Ethereum that is still dominant in the scene – shown -Host more than half of all stablecoins in circulation.
