The venture capital company focused on technology, Yzi Labs, has increased its participation in Ethena, the Stablecoin issuer behind the USDE, which will help the adoption of the digital dollar on decentralized and centralized platforms.
The investment will help the expansion of Ethena Usde (USDE) on the BNB channel while allowing Ethena to continue to build its stablecoin USDTB and a layer of institutional settlement, “Converge”, the Changpeng Zhao laboratories said on Friday in a press release.
The USDTB is supported by short -term treasure assets, including Blackrock’s Buidl, while Converge is a chain compatible with the Ethereum virtual machine focused on active world.
This decision supports Yzi’s mission to “support open and scalable digital infrastructure which can serve as a deviation of efficiency and liquidity for the entire financial ecosystem”.
The CEO of Ethena Labs, Guy Young, added: “The saint Grail in the distribution of the digital dollar has always incorporated stable assets and compatible with the yield directly in the heart of the cryptographic economy.
“With the USDE on the scale of exchanges, DEFI protocols and global user bases, this vision becomes a reality.”
The adoption of the stable reserve comes when the US Treasury estimated in April that the $ 295 billion market was going to increase to 2 dollars by 2028. The momentum was stimulated in July by the signing of the American President of the Engineering Act, considered one of the most complete laws of the stables to date.
USDE use cases to develop the BNB chain
Yzi, formerly Binance Labs, invested for the first time in Ethena through its incubation program for season 6 in February 2024, before the public launch of the USDE. The USDE synthetic dollar is mainly supported by cryptocurrencies and is stabilized by a Delta neutral coverage strategy which maintains its value at $ 1.
The expansion of the USDE on the BNB channel will be based on its deployment of April with new money markets, protocol integrations and ecosystem partnerships already underway, said Yzi.
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Since the launch, the USDE has climbed a market capitalization of $ 14 billion – back only TETH (USDT) and USDC (USDC) of CIRCLE at $ 171.5 billion and $ 73.9 billion, respectively, Coingecko data are respectively. The increased adoption of the USDE could allow it to transform into dominance of the USDT and the USDC and expand its use through the cryptography ecosystem.
The USDE can see the adoption on a hyperliquid competitor
It then occurs that Yzi – which manages a value of $ 10 billion in assets spread over the crypto, AI and health care – recently promoted a hyperliquid aster rival – a new decentralized perpetual exchange platform which should integrate the USDE as part of its ecosystem.
Ethena also obtained support in placement of asset management companies of billions of dollars Fidelity and Franklin Templeton, while the company of VC Crypto Dragonfly also supports the stabing transmitter.
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