Summary
- Sui (SUI) said it has launched its own stablecoin, “Sui Dollar (USDsui).”
- Sui Dollar was issued via the stablecoin infrastructure provider Bridge.
- Sui said it aims to build a virtuous cycle by channeling revenue from Sui Dollar through the foundation into the Sui ecosystem and DeFi.
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Sui (SUI) has launched its own stablecoin.
According to CoinDesk on the 4th (local time), Sui launched the dollar-denominated stablecoin “Sui Dollar (USDsui)” that day. Sui had previously announced plans to issue a stablecoin late last year. Sui Dollar was issued via the stablecoin infrastructure provider Bridge.
Sui plans to channel revenue generated from Sui Dollar into the Sui ecosystem. Adeniyi Abiodun, co-founder of Mysten Labs, said, “In the existing stablecoin model, most of the revenue goes to external institutions,” adding, “They don’t return tangible value to the ecosystem.”
He continued, “Now that revenue can flow directly into the Sui ecosystem through the foundation,” and added, “In other words, the goal is to build a virtuous cycle in which real yield generated in traditional finance flows back into DeFi.”
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
