Ethena's USDe Stablecoin Surpasses $2 Billion Supply, Adds Bitcoin as Backing Asset

Ethena Labs' innovative stablecoin, USDe, has hit a new milestone in supply and added bitcoin to enhance safety and scalability.

Ethena's USDe stablecoin, a 'synthetic dollar', has crossed the $2 billion supply mark within two months of its public launch.
Bitcoin has been added as a collateral asset to USDe, aiming to make the stablecoin safer and enable significant scaling.
USDe employs a unique mechanism for maintaining its dollar peg, including derivative hedging and an arbitrage system.
The addition of bitcoin as a backing asset is expected to enhance USDe's liquidity and delta hedging capabilities.
Ethena Labs raised $14 million in a strategic funding round, co-led by Dragonfly and BitMEX founder Arthur Hayes’ family office, Maelstrom.