The technology-focused venture capital firm YZi Labs has increased its investment in the stablecoin issuer Ethena, the issuer behind USDe, which will help the adoption of this digital dollar on both decentralized and centralized platforms.
Zhao Changpeng's YZi Labs stated in a press release last Friday that this investment will assist Ethena in expanding USDe on the BNB Chain, while enabling Ethena to continue building its USDtb stablecoin and institutional settlement layer Converge. USDtb is backed by short-term treasury assets, including BlackRock's BUIDL, while Converge is a chain compatible with the Ethereum Virtual Machine, focusing on the tokenization of real-world assets.
This move supports YZi's mission to "support an open and scalable digital dollar infrastructure that can serve as a pillar of efficiency and liquidity for the entire financial ecosystem."
Ethena Labs CEO Guy Young added, "The holy grail of digital dollar distribution has always been to embed stable, yield-generating assets directly into the core of the crypto economy."
The adoption of stablecoins comes as the U.S. Treasury estimated in April that the market, valued at $295 billion, will surge to $2 trillion by 2028. In July, U.S. President Trump signed the GENIUS Act, which propelled this momentum and is seen as one of the most comprehensive stablecoin laws to date.
YZi (formerly Binance Labs) first invested in Ethena through its sixth incubation program in February 2024, ahead of the public release of USDe. The synthetic dollar of USDe is primarily backed by cryptocurrencies and stabilized through a delta-neutral hedging strategy, maintaining its value pegged to $1.
YZi stated that the expansion of USDe on the BNB Chain will build on the foundation laid in April, with new money markets, protocol integrations, and ecosystem partnerships already in progress.
According to CoinGecko, since its launch, USDe has surged to a market capitalization of $14 billion—second only to Tether (USDT) and Circle (USDC), which are valued at $171.5 billion and $73.9 billion, respectively. The increase in USDe's adoption rate may allow it to cut into the dominance of USDT and USDC and expand its use within the crypto ecosystem.
Managing $10 billion in assets spread across cryptocurrency, artificial intelligence, and healthcare, YZi recently promoted Hyperliquid competitor Aster—a new decentralized perpetual trading platform that will integrate USDe as part of its ecosystem.
Ethena has also gained investment support from trillion-dollar asset management firms Fidelity and Franklin Templeton, while crypto venture firm DragonFly has also backed this stablecoin issuer.
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Original article: “YZi Labs Deepens Investment in Stablecoin Issuer Ethena to Accelerate USDe Adoption”
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