The Risk Capital firm focused on YZI Labs has increased its participation in Ethena, the Stablecoin issuer behind USDE, which will help the adoption of the digital dollar on decentralized and centralized platforms.
The investment will help the expansion of Ethena of the USDE (USDE) in the BNB chain while allowing Ethena to continue building its USDTB stable and a layer of institutional settlement, “converge”, said the YZI laboratories of Changpeng Zhao in a statement on Friday.
USDTB is backed by short -term treasure assets, including Blackrock Buidl, while converge is an Ethereum virtual machine chain centered on real world assets in Tokenizar.
The movement supports YZI’s mission of “supporting open and scalable digital dollar infrastructures that can serve as a backbone of efficiency and liquidity for the entire financial ecosystem.”
The Ethena Labs CEO, Guy Young, added: “The Holy Grail of Digital Dolk has always been integrating stable assets and with yield directly into the core of the cryptographic economy.
“With the USDE now expanded through exchanges, Defi protocols and global user bases, that vision is becoming a reality.”
The adoption of Stablecoin occurs when the United States treasure estimated in April that the $ 295 billion market would increase to $ 2 billion by 2028.
Usde use cases to expand in the BNB chain
Yzi, previously Binance Labs, invested for the first time in Ethena through its incubation program of season 6 in February 2024, before the public launch of the USDE. The USDE synthetic dollar is mainly supported by cryptocurrencies and is stabilized through a delta neutral coverage strategy that maintains its value set at $ 1.
The expansion of the USDE in the BNB chain will be based on its April implementation with new monetary markets, protocol integrations and ecosystems associations already underway, Yzi said.
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Since its launch, the USDE has risen to a market capitalization of $ 14 billion, only for Tether (USDT) and the USDC of Circle (USDC) to $ 171.5 billion and $ 73.9 billion, respectively, as shown in Coingcko data. A greater adoption of USDE could allow it to be reduced in the USDT and USDC domain and expand its use in the cryptographic ecosystem.
USDE can see the adoption in the hyperlichid competitor
It comes as Yzi, which manages assets worth $ 10 billion distributed among crypto, AI and medical care, recently promoted a hyperlycide rival aster, a new decentralized perpetual exchange platform that will integrate the USDE as part of its ecosystem.
Ethena has also won the investment support of the Billion dollar asset management firms Fidelity and Franklin Templeton, while the firm Crypto VC Dragonfly also supports the stablecoin issuer.
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