Sui Enters the Stablecoin Wars
In partnership with stablecoin issuer Ethena and Sui treasury firm, Sui Group Holdings, the Sui team will be launching two new native stablecoins on its mainnet.
According to an announcement by Ethena, the two stablecoins – suiUSDe and USDi – will be collateralized using Ethena’s existing products such as USDe and USDtb.
suiUSDE will function as a yield-generating native version of USDe on Sui, with the addition of delta-neutral SUI positions as part of the underlying USDe’s backing.
On the other hand, USDi will be entirely backed by USDtb, which itself is collateralized through Blackrock’s tokenized money market fund, BUIDL.
Both stablecoins are expected to go live in Q4.
Since the launch announcement, the price of SUI has risen by 3.4% from $3.50 to $3.62 today.
Fun & Games for Solana
Play Solana has just announced the incoming launch of $PLAY on October 13th, teasing the token drop alongside a call for users to “Complete quests, gather XP.”
Pre-orders for Play Solana’s first-gen handheld gaming console PSG1 opened on September 24.
Elsewhere on Solana, another newly launched p2e game has been buzzing — a cannabis farming simulator that pays users in WEED tokens. The game is now invite-only, and users are required to purchase their first digital plant with 0.5 SOL. While many users are reporting high earnings on X, critics are accusing it of being another “ponzi game.”
More of DAT
Digital Asset Treasuries continue to proliferate.
VivoPower, a sustainability firm, announced that it had raised $19 million to support its recently-launched XRP treasury strategy. The Nasdaq-listed small-cap saw its share price spike 14% on Wednesday following the fundraise.
Meanwhile, newly formed Avalanche Treasury Co. is set to go public in the US next year, with plans to purchase over $1 billion worth of AVAX tokens.
The company is set to merge with special purpose acquisition company (SPAC) Mountain Lake Acquisition Corp. in a deal valued at over $675 million, and expects to be listed on Nasdaq by Q1 2026 under the ticker “AVAT.”
VisionSys AI is taking a similar path on Solana, aiming to build a treasury with up to $2 billion of the token. Its stock initially plummeted as much as 57% on the announcement, but very quickly recovered most of its losses from the drop. VSA shares remain over 200% up YTD.
In Other News…
Feeling Birbish. The Ethereum NFT collection Moonbirds announced the upcoming launch of BIRB, a Solana token based on the Moonbirds IP. The announcement was made at a Token2049 side event, ‘Birbhalla”.
Down But Not Out. US First Lady Melania Trump reposted a promotional post that promoted her MELANIA Solana memecoin. Though MELANIA rose from the First Lady’s repost, it is still significantly below all time high prices.
Diving Into Trouble. Teo Rong Xuan, a former Singapore Armed Forces Naval Diver has admitted to stealing over 1.7M USDT. Teo stole the funds by gaining unauthorized access to the victim’s apartment and photographing his crypto wallet’s seed phrase.
Introducing SunPerp. Tron founder Justin Sun unveiled his bid to compete against perpetuals DEX titans Hyperliquid and Aster. His upcoming “SunPerp” will feature “dark pools”, a privacy feature that protects a user’s trade history.
CS2 Skin Trading on Solana. DeFi app Dupe introduces on-chain skin trading of popular esports CounterStrike2 (CS2) on Solana. Open beta is now live and the platform is looking to offer support for other esport titles such as Dota2 “very soon”.
Polymarket Back In the US? The crypto predictions market could be back in operation in the US as soon as tomorrow. Polymarket was able to reverse the ban after acquiring a CFTC-licensed exchange QCX LLC for $112M. The acquisition allowed Polymarket to self-certify its own event contracts.
$21M Stolen from Japanese Miner SBI. Blockchain investigator ZachXBT revealed that around $21M in crypto was stolen from the Japanese miner SBI Crypto. The funds have been laundered through crypto mixer Tornado Cash.
Taste the Rainbow. Ethereum NFT collection Doodles is collaborating with cereal brand Froot Loops. The 500 custom cereal boxes priced at $50 apiece sold out in a few hours.
Ramping Up the Fun. Solana memecoin launchpad Pump.fun introduces “easy onramp”, a new feature to enable users to easily onramp fiat currency onto the platform through Apple Pay, Phantom, Robinhood and more.