Sui launched the first synthetic dollar for Ethena, suiUSDe, on its mainnet. This marks their first launch of this type and adds a new on-chain monetary infrastructure. Simultaneously, SUI Group announced a $10 million investment in the Ember protocol to attract institutional capital.
suiUSDe is the implementation on the Sui network of the synthetic dollar developed by Ethena, conceived as an infrastructure component designed to integrate directly into on-chain trading and risk management systems. Instead of relying on traditional bank reserves, the asset is structured to function as active collateral within the network’s native margin engines, settlement logic, and incentive schemes, as detailed by the Sui Foundation.
Unlike conventional stablecoins, the performance of the suiUSDe vault is tied to the mechanics of the Ethena protocol itself. Its model combines exposure to Ethereum through staking with short positions in perpetual futures, seeking a profile that allows for more stable yield generation. Thus, the goal is not to depend exclusively on staking rewards, but rather to capture market premiums and funding within a structure designed to neutralize directional volatility.
SuiUSDe launch details and key players
The launch included an initial $10 million deployment of suiUSDe by the SUI Group. This capital was allocated to a permissionless vault operated by the Ember Protocol and open to both institutions and individual users. A capacity target of $25 million was also established, reflecting an ambition to progressively scale the liquidity available in this structure.
Ember acts as the vault operator, while Bluefin integrates this functionality within the Sui ecosystem. DeepBook Margin will accept suiUSDe as the first synthetic dollar compatible with its trading system, enabling its direct use in leveraged trading, risk management, and reward distribution. Ethena, as the provider of the delta-neutral USDe design, contributes the financial architecture that underpins the product’s performance.
If the Ember vault reaches its target capacity and the DeepBook integration gains traction, suiUSDe could solidify its position as a core component for collateral, settlement, and leverage within Sui. In that scenario, a growing portion of trading and treasury management activity would migrate to native network infrastructure, reinforcing its proposition as a capital-efficient environment for active traders and institutional managers.
