Key Takeaways
Why did Sui choose Bridge as its stablecoin issuer?
Bridge, acquired by payments giant Stripe for $1.1 billion in February 2025, offers enterprise-grade infrastructure with traditional finance legitimacy.
How does USDsui fit into the broader stablecoin competition?
Multiple layer-1 blockchains launched native stablecoins in 2025 rather than relying on USDC or USDT deployments.
Sui announced the launch of USDsui on 12 November, a native stablecoin built using Bridge’s Open Issuance platform, positioning the layer-1 blockchain to capture stablecoin revenues instead of ceding them to Circle or Tether.
The move reflects a broader industry shift as blockchains abandon passive deployment of existing stablecoins in favor of owning their dollar infrastructure.
Bridge, acquired by payments giant Stripe for $1.1 billion in February 2025, provides the enterprise-grade infrastructure powering USDsui.
Also, the deal marked crypto’s largest acquisition and signaled a serious entry by traditional finance into stablecoin infrastructure.
Traditional finance meets blockchain economics
Sui’s choice of Bridge as the issuer represents a strategic bet on the legitimacy of traditional finance.
Stripe processed $1.4 trillion in payments in 2024 and brings regulatory expertise, as well as massive distribution potential.
This differs sharply from crypto-native issuers like Ethena Labs or established players like Circle.
“This landmark product launch connects Sui’s native assets directly to global commerce, fintech, and traditional financial rails,” said Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs. The asset will comply with the GENIUS Act upon its effective date.
USDsui will be interoperable with other stables powered by Bridge from major platforms including Phantom, Hyperliquid, and MetaMask.
Bridge’s Open Issuance platform allows custom stablecoin deployment with enterprise infrastructure rather than simply bridging existing tokens like USDC.
The revenue question
Sui’s massive stablecoin volume justified the native approach. The network processed $412 billion in combined stablecoin transfer volume between August and September 2025 alone.
Under the traditional model, fees from that activity flow to Circle [USDC issuer] or Tether [USDT issuer].
With USDsui, revenues return directly to the Sui ecosystem through growth and investment programs.
This economic model motivated several recent launches across competing chains.
Escalating stablecoin competition
The stablecoin landscape experienced dramatic fragmentation in 2025.
Multiple layer-1 blockchains launched native dollar assets rather than relying on USDC or USDT deployments.
Ethena Labs deployed its Stablecoin-as-a-Service model across Jupiter [JupUSD on Solana], Sui [suiUSDe], and MegaETH [MegaUSD].
Also, PayPal expanded PYUSD to Solana and Stellar after launching on Ethereum. Hyperliquid’s validators are selecting an issuer for USDH to manage a $5.9 billion reserve.
Each approach offers different tradeoffs. Ethena provides crypto-native infrastructure with yield generation.
PayPal brings brand recognition and regulatory compliance. Bridge offers traditional finance legitimacy with stablecoin customization.
“Open Issuance eliminates the usual complexity and extended timelines associated with stablecoin deployment,” said Zach Abrams, co-founder and CEO of Bridge. “It enables platforms like Sui to launch their own stablecoins quickly and efficiently.”
