Sui Group Plots Stablecoin Launch with $300M War Chest
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Sui Group Holdings, the company formerly known as short-term lender Mill City Ventures, is making a major push into decentralized finance.
Armed with a $450 million private placement and a unique token acquisition deal, the Nasdaq-listed firm is now preparing to launch two native stablecoins on the Sui blockchain.
A report from The Information confirms the plan to issue both a yield-bearing (suiUSDe) and a non-yielding (USDi) stablecoin in partnership with Ethena.
This ambitious initiative is backed by a formidable treasury; the company recently disclosed it holds over $300 million in SUI tokens, giving it significant firepower to enter and influence the competitive stablecoin market.
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