The Ethena-backed eSui Dollar (suiUSDe) has launched on Sui Mainnet, expanding the network’s stablecoin offerings and introducing the network’s first synthetic dollar to the on-chain trading and yield infrastructure, the Sui Foundation said in a blog post on Wednesday.
The deployment also brings suiUSDe to DeepBook Margin, where it becomes the first synthetic dollar supported by the trading system.
Alongside the launch, SUI Group Holdings launched a new $10 million suiUSDe vault, marking one of the largest initial stablecoin deployments on Sui to date.
The permissionless vault, operated by Ember Protocol and incubated by the Bluefin team, is designed to provide stablecoin-based yield to institutional and retail participants. The vault has an initial capacity of $25 million, SUI Group said in a separate press release on Thursday.
Despite general market weakness and waves of forced liquidations in crypto, decentralized finance’s total value locked (TVL) has held up, suggesting traders continue to seek yield and passive income even as bearish sentiment weighs on the market.
Learn more: Bitcoin and Ether are crashing, but DeFi investors refuse to panic
Synthetic dollars like suiUSDe are designed to function as on-chain market infrastructure rather than tokenized claims on off-chain cash. Unlike fiat-backed stablecoins, which typically move between locations as a neutral unit of account, synthetic dollars are designed to function natively within trading and risk systems.
Because they are part of the market itself, synthetic dollars can integrate directly into margin engines, liquidation logic, and reward mechanisms. This allows them to act as active drivers of collateral and liquidity, rather than passive settlement assets.
Demand for this model has increased alongside the rise of yield- and leverage-focused strategies, where users want capital efficiency and exposure in a single instrument. The rapid growth of Ethena has demonstrated this appetite, and bringing a similar structure to Sui extends it to a programmable, high-performance environment.
DeepBook Margin, unveiled last month, is a key part of this change. By integrating margin trading directly into the liquidity layer, it allows synthetic dollars like suiUSDe to be natively used for leveraged trading, risk management, and rewards within a single execution venue.
“Launching Ethena-backed suiUSDe was about establishing a native and trusted dollar infrastructure on Sui,” Marius Barnett, president of SUI Group, said in the release. “By endowing the suiUSDe Vault with $10 million, this is how we will move this infrastructure into active use,” he added.
SuiUSDe was developed in collaboration with Ethena Labs and was first announced in Q4 2025. With its mainnet debut, the asset is now available on several Sui-based protocols including Aftermath, Bluefin, Cetus, Navi, Scallop, Suilend and others, expanding its use in trading, lending and yield strategies.
Sui is a layer 1 blockchain developed by Mysten Labs, designed to support high-throughput transactions and programmable on-chain assets.
Learn more: Sui Group charts a new path for crypto treasuries with stablecoins and DeFi
