Ethena-backed suiUSDe has launched on the Sui mainnet, introducing the network’s first native synthetic dollar for decentralised finance and margin trading.
The asset, developed in collaboration with Ethena Labs, is integrated with DeepBook Margin, Sui’s onchain liquidity and margin platform, enabling immediate use for leveraged trading, lending and advanced DeFi strategies.
The Sui Foundation confirmed the launch on Feb. 11, with suiUSDe becoming the first synthetic dollar supported by DeepBook Margin’s shared settlement and risk infrastructure.
Several Sui-based protocols, including Aftermath, AlphaLend, Bluefin, Cetus, Deeptrade, Navi, Scallop and Suilend, are supporting the asset from day one to expand trading and yield opportunities.
SUI Group Holdings has also backed the rollout and seeded a permissionless vault on Ember Protocol with $10 million in newly minted suiUSDe, with an initial capacity of $25 million, and following the launch the SUI token was up 3.69% at $XX.
Unlike bridged stablecoins, suiUSDe is designed to operate natively within the Sui ecosystem, aiming to reduce fragmentation and improve liquidity across integrated DeFi services.
Mysten Labs co-founder Adeniyi Abiodun said the launch demonstrates how Sui’s composable infrastructure can support new financial products without heavy technical overhead, adding another building block for institutional participation and higher onchain activity.
At the time of reporting, Ethena price was $0.1164.