Sui Blockchain To Launch Two Native Stablecoins With Ethena Labs, BlackRock-Backed Token Fund

Core Insights - SUI Group Holdings is set to launch two native stablecoins in collaboration with Ethena Labs and the Sui Foundation, marking a unique partnership in the digital asset space [1] - The new synthetic dollar, suiUSDe, is expected to be operational by the end of 2025 and will be the first income-generating stable asset on a non-Ethereum Virtual Machine blockchain [2] - The Sui Foundation plans to reinvest net income from the token's reserves into purchasing SUI tokens, enhancing ecosystem growth [3] SuiUSDe and Infrastructure - SuiUSDe will serve as a treasury vehicle in the vision of establishing a "SUI Bank," according to Marius Barnett, chairman of SUI Group [2] - The introduction of suiUSDe is seen as a significant advancement for Sui's DeFi infrastructure [3] Ethena Labs and Stablecoin Development - Ethena Labs is behind USDe, which is recognized as the third-largest U.S. dollar-denominated digital asset and one of the fastest-growing stablecoins [4] - Ethena's Whitelabel program allows various blockchains and applications to issue their own digital dollars using Ethena's infrastructure [4][5] Investment and Market Position - MEXC Ventures has invested a total of $30 million into Ethena, indicating strong market confidence in Ethena's governance token ENA and its synthetic dollar protocol [6][7] - Ethena claims to be the only stablecoin issuer providing a scalable model for creating dollar assets with minimal friction [5]