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2h ago

YZi Labs Deepens Ethena Bet as USDe Tops $14 Billion

Fresh funding targets exchange integrations, BNB Chain expansion, plus USDtb and Converge development.

YZi Labs expands stake in Ethena as USDe surges past $13b
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Overview

  • YZi Labs, formerly Binance Labs, announced on Sept. 19 that it expanded its stake in Ethena, reiterating support for a project it first incubated in early 2024.
  • Ethena’s USDe has crossed roughly $13–$14 billion in supply and TVL, with DeFiLlama showing TVL eclipsing $14 billion, placing it among the top three dollar tokens in crypto.
  • The investment is earmarked to extend USDe integrations across centralized and decentralized exchanges and to accelerate Ethena’s build-out on BNB Chain.
  • New products in focus include USDtb, a fiat‑backed stablecoin pursuing GENIUS compliance, and Converge, an institutional settlement layer developed with Securitize and BlackRock’s tokenization partners.
  • Coverage notes execution risks, including a reported BaFin‑mandated 42‑day redemption plan earlier this year in Europe and recent ENA price volatility, with the token down about 24% from recent highs to around $0.67.