Sui launches synthetic dollar stablecoin in partnership with Ethena

Source

JOON HYOUNG LEE

Summary

The Sui Foundation said it has launched the synthetic dollar stablecoin suiUSDe on the Sui mainnet in collaboration with Ethena Labs.
It said suiUSDe is available on the Sui protocol as well as DeepBook and the DeepBook Margin feature, offering investors new investment and portfolio management opportunities.
Sui injected $10 million in initial funding into the suiUSDe vault, which was described as the largest early stablecoin investment on the Sui platform.

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Sui (SUI) has launched a synthetic dollar stablecoin.

The Sui Foundation said on the 11th (local time) via its official website that it had launched suiUSDe, SuiUSDe (suiUSDe), first unveiled in the fourth quarter of last year in collaboration with Ethena Labs, on the Sui mainnet. suiUSDe is Sui’s synthetic dollar stablecoin.

Starting today, suiUSDe can be used within the Sui protocol. A Sui Foundation official explained that “(suiUSDe) is the first synthetic dollar available on DeepBook,” adding that it also integrates the recently introduced DeepBook Margin feature to provide investors with new investment and portfolio management opportunities.

Sui also injected $10 million (about 1.5 billion won) as initial funding into the suiUSDe vault. CoinDesk reported that this is the largest early-stage stablecoin investment made on the Sui platform.

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