eSui Dollar (suiUSDe) is a crypto-backed US dollar stablecoin. It has about $12.4M in circulation, ranking #123 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is suiUSDe?
eSui Dollar (suiUSDe) is a crypto-backed US dollar stablecoin. It has about $12.4M in circulation, ranking #123 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: eSui Dollar (suiUSDe) is a Sui-native synthetic dollar issued in collaboration with Ethena Labs and integrated across Sui DeFi, including DeepBook Margin for margin trading, lending, and leveraged DeFi strategies.
suiUSDe supply history
suiUSDe supply fell 5.5% over the past 30 days, to $12.4M. Its peak was $13.9M in May 2026, and supply is 11% below that high.
Is suiUSDe holding its peg?
suiUSDe is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where suiUSDe lives: supply by blockchain
Supply is concentrated: Sui holds 100% of all suiUSDe. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How suiUSDe is backed
suiUSDe is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: suiUSDe can be minted by KYCed users depositing USDC into the issuer mint contract, which mints new suiUSDe at a 1:1 ratio, minus any applicable mint fee. The USDC is then managed by the issuer, with part kept as a redemption buffer and the rest used to acquire USDe from Ethena or moved to custody. KYCed users can redeem suiUSDe through the mint contract for USDC, assuming the available USDC buffer is sufficient for the redemption amount.
Reserve reports and audits: docs.monet.cash
suiUSDe risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $12.4M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
suiUSDe vs USDT and USDC
Similar crypto-backed stablecoins
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suiUSDe FAQ
What is suiUSDe?
eSui Dollar (suiUSDe) is a crypto-backed US dollar stablecoin. It has about $12.4M in circulation, ranking #123 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is suiUSDe pegged 1:1 to the US dollar?
suiUSDe targets 1 USD. At the last update it traded at $0.9991, a deviation of -0.09%, which we classify as "on peg".
What backs suiUSDe?
suiUSDe is a crypto-backed stablecoin. suiUSDe is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is suiUSDe on?
suiUSDe is live on 1 blockchain. The largest by supply are Sui ($12.4M).
How much suiUSDe is in circulation?
About $12.4M of suiUSDe was in circulation at the last update, -5.5% over 30 days. That makes it the #123 stablecoin by supply among those we track.
Is suiUSDe safe?
No stablecoin is risk-free. As a crypto-backed design, suiUSDe's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.