suiUSDe, issued by Ethena, is a synthetic U.S. dollar (USD) stablecoin that targets a stable value against the U.S. dollar and is natively issued on the Sui Layer 1 network for use across its payments and settlement infrastructure [S1].

suiUSDe is backed by a mix of digital assets and corresponding short futures positions, a synthetic dollar structure rather than a fiat reserve model [S1]. The reference asset is the U.S. dollar (USD) [S1]. Holder mechanics are distinct from reserve revenue: all net income generated by the stable asset, minus costs, is channeled back into the Sui ecosystem to purchase the native SUI token, with revenue flowing to the Sui Foundation and SUI Group Holdings (SUIG) [S1].

suiUSDe is issued by Ethena as an independent third party; Sui provides the issuance and settlement network and is not the issuer [S1]. Sui's protocol supports regulated currency controls, allowing an issuer to restrict access through a deny list (DenyCapV2) and an optional global pause switch, a capability flagged as appropriate for stablecoins [S2][S3]. At the network level, peer-to-peer transfers of suiUSDe qualify for gasless transfers as an allowlisted stablecoin, subject to a minimum transfer of 0.01 and allowlisted operation conditions, with fee-paying transactions prioritized during congestion [S4].

suiUSDe is implemented as a Sui Move fungible coin under the Sui Currency Standard, created via new_currency_with_otw using a One-Time Witness and finalized through coin_registry [S2]. It is natively issued on the Sui network [S4]. Sui settlement provides approximately 300ms time to finality, parallel object-level execution, and atomic batching of up to 1024 payments [S5].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://blog.sui.io/suig-ethena-suiusde-stablecoin/" },
    { id: "S2", url: "https://docs.sui.io/standards/currency" },
    { id: "S3", url: "https://docs.sui.io/guides/developer/stablecoins" },
    { id: "S4", url: "https://docs.sui.io/develop/transaction-payment/gasless-stablecoin-transfers" },
    { id: "S5", url: "https://www.sui.io/payments" },
  ]}
/>


Stablecoins

Users deposit ETH or LSTs on Ethena and can mint a USDe synthetic stablecoin in return. USDe generates yield from the staked Ethereum as well as the funding & basis spread from perpetual and futures' markets. A portion of this yield is then distributed to USDe stakers (expense).

Ethena is a stablecoin issuer and asset management protocol built on Ethereum. Ethena was founded by Guy Young and launched in 2024.

ENA tokenholders own and govern the protocol. They currently take a cut of the total yield generated (revenue). Ethena's investors include Dragonfly, Franklin Templeton, Brevan Howard Digital, etc.

eSui DollarsuiUSDe

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