Synthetic stablecoins have returned to the spotlight this year, with renewed confidence in financial engineering's ability to use Delta-neutral strategies to cope with volatility.
On Wednesday, SUI Group, a publicly listed company providing investment channels for the Sui blockchain, announced the launch of suiUSDe and USDi, calling them the first native stablecoins of the Sui ecosystem. The project was co-developed by Ethena Labs and the Sui Foundation.
The two stablecoins adopt different approaches to maintain their dollar peg. USDi will be fully backed by tokenized shares of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which is a regulated money market fund holding U.S. short-term government bonds and cash equivalents.
In contrast, suiUSDe is a synthetic stablecoin that employs a Delta-neutral strategy, combining crypto asset collateral and short futures positions to stabilize its value.
The collaboration with Ethena has garnered significant attention. Ethena's flagship product, USDe, is currently the largest synthetic stablecoin in the market. It maintains its peg through collateral positions hedged with perpetual futures contracts, a design that has helped it become a highly capital-efficient alternative to fiat-backed stablecoins.
According to CoinMarketCap, USDe is currently the third-largest stablecoin globally, with a market capitalization of $14.8 billion, more than doubling since July.
The Ethena ecosystem is at the core of a recent $2 billion registration completed by Mega Matrix, a publicly listed holding company that is continuously increasing its holdings of Ethena's governance token (ENA). Holding ENA allows Mega Matrix to earn revenue generated through the USDe synthetic stablecoin protocol.
The launch of native stablecoins could be a significant step for Sui, which has become one of the fastest-growing layer one blockchains. Developed by Mysten Labs, Sui emphasizes scalability and efficiency through parallel transaction processing.
As of this week, Sui ranks as the 15th largest blockchain by market capitalization at $13 billion.
According to CoinMarketCap data, the global stablecoin market has surpassed a new milestone, with a total circulating value exceeding $300 billion.
While synthetic stablecoins are rapidly expanding, they still account for only a small portion of the overall market, which remains dominated by traditional fully-collateralized tokens.
The recent growth in the industry is partly attributed to regulatory progress in the U.S. The passage of the GENIUS Act—legislation establishing reserve and reporting standards for fully-collateralized dollar-backed stablecoins—is seen as a positive step toward clarity and institutional adoption in the industry.
Despite increasing competition, Tether's USDt and Circle's USDC continue to lead the market. USDt recorded a net inflow of $19.6 billion in the third quarter, followed by USDC with $12.3 billion and Ethena's USDe with $9 billion, according to industry data.
Sui is entering a highly competitive stablecoin network space, with Ethereum still dominating, hosting over half of all circulating stablecoins.
Related: Bitcoin (BTC) next target may rise to $125,000: Core reasons analyzed
Original: “Stablecoin Market Cap Climbs, Synthetic Asset Track Strengthens Again”
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