Sui Group Charts New Course for Crypto Treasuries with Stablecoins and DeFi

Nasdaq-listed Sui Group plans to layer stablecoin and DeFi revenues on its SUI holdings via SuiUSDE, aiming for recurring yields and SUI buybacks.

Rich by Coin

2026-01-25

Sui Group is expanding beyond a traditional crypto treasury vehicle by layering stablecoin and DeFi revenues on top of its SUI holdings, according to Steven Mackintosh, the company’s chief investment officer. The centerpiece of the plan is SuiUSDE, a native, yield-bearing stablecoin built in partnership with the Sui Foundation and Ethena, slated to launch in February following ongoing testing. Mackintosh is targeting higher yield and growing SUI per share over the next five years.

Sui Group Holdings (SUIG), the only Nasdaq-listed company with an official relationship with the Sui Foundation, is positioning itself to become the most economically important player in the blockchain’s ecosystem, according to Steven Mackintosh, the company’s chief investment officer. Formerly known as Mill City Ventures, the U.S.-based specialty finance firm rebranded to Sui Group Holdings in 2025 as it pivoted toward a foundation-backed digital asset treasury (DAT) strategy centered on SUI, the native token of the Sui network. Under the structure, 90% of fees generated by SuiUSDE will flow back to Sui Group Holdings and the Sui Foundation, either to buy back SUI in the open market or to be redeployed into Sui-native DeFi. The stablecoin is expected to be used across DeepBook, Bluefin, Navi and decentralized exchanges (DEXs) such as Cetus, as well as serve as collateral throughout the ecosystem.

Mackintosh said the goal is to attract the yield-hungry DeFi users that powered Ethena’s growth on Ethereum and bring that energy to Sui, with discussions ongoing with players like Pendle. Ethena is a DeFi protocol on Ethereum focused on creating a crypto-native synthetic dollar and financial infrastructure that operates independently of traditional banking systems. Sui Group has also entered into a revenue-sharing agreement with Bluefin, the leading perpetual futures DEX on Sui. The company receives a fixed percentage of trading fees, adding a recurring revenue stream to its DAT. “Perps are the killer use case in crypto,” Mackintosh said.