Sui digital asset treasury company plans to launch two stablecoins: report

Sui Group Holdings, a Nasdaq-listed SUI-based digital asset treasury, plans to launch two stablecoins on the Layer 1 blockchain, The Information reported on Wednesday.

"It is launching two stablecoins: suiUSDe, which will provide yield to holders, and USDi, which will not pay yield to holders," according to the report . "It is partnering with stablecoin startup Ethena to issue the two tokens, which will go live by the end of this year."

Stablecoin competition looks like it's about to heat up with several new US dollar-pegged tokens coming down the pike.

Last month, Sui Group said its holdings of SUI tokens had surpassed $300 million after the company added approximately 20 million tokens, according to a statement .

Formerly the short-term lender Mill City Ventures, Sui Group launched its crypto treasury with the closing of a  $450 million private placement . Sui Group has a deal in place that allows it to acquire tokens directly from Sui Foundation at a discount.

Sui is a proof-of-stake Layer 1 blockchain meant to be an alternative to rival chains like Ethereum and Solana.