Sui Group Holdings, a Nasdaq-listed digital asset treasury, plans to launch two distinct stablecoins on the Sui blockchain before the end of the year, according to a report by The Information.
The company will introduce suiUSDe, a yield-bearing stablecoin, and USDi, a non-yield-bearing version, through a partnership with stablecoin startup Ethena.
The move signals intensifying competition in the crowded stablecoin market.
The announcement follows Sui Group's recent revelation that its holdings of SUI tokens have surpassed $300 million.
The company, which has moved away from short-term lending, has a unique agreement to purchase SUI tokens directly from the Sui Foundation at a discount, bolstering its treasury strategy.