YZi Labs has deepened its partnership with Ethena Labs, the creator of USDe, now the third-largest dollar-pegged asset in the crypto market. USDe has rapidly climbed to a $13 billion supply, becoming the fastest USD-backed digital asset to surpass $10 billion.
YZi Labs shared on X that Ethena Labs has been gaining attention due to its unique crypto-native synthetic dollar model. Back in February 2024, when YZi Labs was still called Binance Labs, it became one of the first investors in the project through its Season 6 Incubation Program.
At that time, Ethena had just launched and was still testing its special system designed to keep the dollar stable while also earning steady returns.
Nicola Wang, Investment Director at YZi Labs, said, “We were impressed by Ethena’s team and their unique approach to stablecoin design — building a crypto-native model that generates yield without relying on banks.”
Expanding Ethena’s Reach on BNB Chain
Ethena now commands more than $13 billion in total value locked (TVL) and integrates across leading DeFi platforms and centralized exchanges. Additionally, through new alliances, money markets, and protocol integrations, the protocol is growing its presence on the BNB Chain.
With the backing of YZi Labs, Ethena boosts the adoption of USDe across centralized and decentralized finance. This partnership will also speed up the creation of USDtb, a fiat-backed stablecoin aiming for GENIUS compliance, along with the rollout of Converge.
Converge was developed in collaboration with Securitize and BlackRock tokenization partners. It aims to introduce institutional-grade real-world assets (RWAs) to blockchain networks.
Guy Young, Founder and CEO of Ethena Labs, said, “With USDe now scaling across exchanges, DeFi protocols, and global user bases, that vision is becoming a reality.”
This announcement follows B Strategy’s recent plan to create a BNB treasury with an initial $1 billion investment. The initiative supported by YZi Labs aims to fund innovative projects and community efforts within the BNB Chain ecosystem.
YZi Labs sees USDe as the backbone of digital finance, blending stability, yield, and mainstream adoption into one growing ecosystem.
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