Sui Network and payments giant Stripe firm Bridge to launch a yield-bearing USDsui stablecoin. It will join other USD stablecoin after the passing of the landmark GENIUS Act by the Trump Administration a few months ago.
The fiat-backed, GENIUS-ready, and yield-sharing stablecoins will anchor the Sui Network economy. It will power payments, DeFi, and real-world use cases across the network.
Sui and Stripe Subsidiary Bridge Unveil USDsui Stablecoin
The USDsui, a native Sui Network stablecoin, is built using Bridge’s Open Issuance platform, according to an official announcement on November 12.
It will serve as a foundational stablecoin. This comes as Sui Network scales into one of the world’s most active on-chain economies.
Builders and developers will get a fully-integrated, GENIUS Act-compliant, and interoperable across ecosystem stablecoin.
Sui noted that it is optimized for the network’s high-performance architecture.
USDsui is expected to launch later this year. Wallets, DeFi protocols, and applications built on the Sui blockchain will get automatic access.
It added that interoperability scales to other stablecoins powered by Bridge from major platforms such as Phantom, Hyperliquid, and MetaMask.
How Is It Useful for Developers and End Users?
USDsui on Bridge’s Open Issuance platform will make it an enterprise-grade stablecoin. Notably, this is similar to Ripple USD (RLUSD) stablecoin.
However, it will have the payment infrastructure supported by Stripe, one of the leading payment platforms nowadays. Combining on-chain liquidity and sustainability, real-world payment utility, and cross-border payments, remittances, and peer-to-peer transfers.
Commenting on the USDsui stabecoin, Mysten Labs co-founder Adeniyi Abiodun said:
Can SUI Price Recover?
Sui price fell more than 2% in the past 24 hours and 30% in a month amid broader crypto market volatility and weakness in altcoins.
At the time of writing, the price was trading at $2.02. The intraday low and high were $2.01 and $2.09, respectively.
Furthermore, trading volume has decreased by 23% in the last 24 hours, indicating a decline in interest among traders.
In the daily timeframe, the price is below the 50-SMA, 100-SMA, and 200-SMA at the time of writing. Whereas, the relative strength index (RSI) moves sideways near 35.
CoinGlass data showed massive selling in the derivatives market. At the time of writing, the total futures open interest fell 2.35% to $788.70 million in the last 24 hours.
However, analyst Ali Martinez shared a price target of $3 and $4. He claimed the token could rally amid sustained buying pressure.
