Sui Network's Stripe Stablecoin Is Live — and the Yield Story Changes Everything

The Sui Dollar (USDsui), a native stablecoin issued by Bridge, a Stripe company, is now live on the Sui mainnet, with Sui's co-founder saying the yield earned from U.S. Treasury bonds backing the token could be redirected back into the Sui ecosystem through grants and incentives, rather than kept by the issuer.

What Is the Sui Dollar and Who Issues It?

The Sui Dollar (ticker: USDsui) is a U.S. dollar-pegged stablecoin built natively on the Sui blockchain. It is issued by Bridge, a stablecoin infrastructure company acquired by payments giant Stripe in 2024. Bridge's platform, known as Open Issuance, lets networks deploy their own stablecoins without building compliance and custody infrastructure from scratch.

The coin was first announced in November 2025 and launched on mainnet in early 2026. It is already available across a range of Sui-native applications, including:

• Wallets: Slush
• DeFi lending and liquidity: Aftermath, Alphalend, Bluefin, Cetus, NAVI, Scallop, Suilend, Turbos
• Other ecosystem apps: DoubleUp, Ferra, Pyth, and Pyth-powered integrations

Major data aggregators have yet to list USDsui's market capitalization or trading volumes, but the coin is live and accessible.

How Does the Yield Model Work, and Why Does It Matter?

This is where USDsui differs from the two dominant stablecoins, USDT (Tether) and USDC (Circle). Both of those tokens are backed largely by U.S. Treasury bonds. The yield from those bonds, currently meaningful given elevated interest rates, flows entirely to the issuer. Neither Tether nor Circle redistributes that income to the blockchains their tokens run on.

Sui's co-founder Adeniyi Abiodun, who also serves as Chief Product Officer at Mysten Labs (the original contributors to the Sui protocol), described that model as a structural problem.

"I think we are starting to see a dislocation of the business model of stablecoin issuers, whereby the yield is largely kept to external agencies that don't really pour value back to the ecosystem," Abiodun said. "That yield effectively can get funneled back from the foundation straight to the Sui ecosystem."

He added: "Right now those funds do not hit the ecosystem; they really flow out. We are all about closing that loop. So it's real yield from real world finance that is going back into DeFi that creates a flywheel."

In practical terms, this means the Sui Foundation plans to use revenue generated by the Treasury assets backing USDsui to fund grants and ecosystem incentives, rather than retaining it as operating income.

Why Bootstrapping USDsui Is Easier Than It Sounds

One of the common challenges with launching a new stablecoin is getting enough initial supply circulating to make it useful. Abiodun argued Sui has natural advantages here.

"The Sui Foundation actually has USDC and other stablecoins today, and so can transition a lot of that straight to Sui Dollar. Mysten Labs can do the same. On top of that, we actually have a lot of investors and hedge funds who are interested in minting Sui USD. So bootstrapping this is actually very easy," he said.

Sui has processed over $1 trillion in stablecoin volume to date. In January 2026 alone, the network recorded more than $111 billion in stablecoin transfer volume.

Is USDsui Compliant with U.S. Stablecoin Regulation?

Yes. According to the project's documentation, USDsui is developed in compliance with the GENIUS Act, the proposed U.S. federal framework for regulating payment stablecoins. The GENIUS Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins, sets out reserve, redemption, and disclosure requirements for stablecoin issuers.

Building toward that standard from day one positions USDsui for institutional use cases, where regulatory clarity is often a prerequisite for adoption.

Who Built Sui, and What's the Network's Current State?

Sui was built by a team of former Meta engineers, many of whom previously worked on the company's abandoned Libra and Diem digital dollar projects. Mysten Labs leads core development.

The network has seen significant institutional interest. Over the past year or so, firms including Franklin Templeton, Grayscale, VanEck, Bitwise, 21Shares, and Canary Capital have launched Sui-linked investment products or announced strategic initiatives. Three spot ETFs tied to Sui were filed in the second half of February 2026. Robinhood and Circle have also integrated Sui into their offerings.

That said, the network's total value locked (TVL) currently stands at around $585 million, down roughly 80% over the past four months, reflecting the broader market conditions that have affected most DeFi ecosystems.

The stablecoin market overall is growing fast. It is now a roughly $310 billion industry, led by Tether and Circle, and is moving more aggressively into global payments infrastructure.

Conclusion

USDsui is a natively issued, compliance-oriented stablecoin backed by Stripe's Bridge infrastructure, now live on Sui mainnet. It processes dollar transfers with fast settlement, supports DeFi and payments use cases across more than a dozen ecosystem apps, and is structured to return Treasury yield back to the network rather than retaining it at the issuer level.

Resources 

1. Blog article by Sui Network: Sui Dollar Now Live on Sui, Bringing a Native Digital Dollar to Scalable Finance and Global Payments

2. Report by CoinDesk 1: Sui’s native stablecoin goes live with promise of Treasury yield going back to the network

3. Report by CoinDesk 2: Sui Launches Native Stablecoin USDsui Using Bridge’s Open Issuance Platform

4. Sui Network documentation: About Sui Network