Overview

• YZi Labs disclosed on Sept. 19 that it expanded its investment in Ethena Labs, without revealing the dollar amount.
• Funds are earmarked to integrate USDe across more centralized and decentralized exchanges, scale on BNB Chain, and build USDtb and the Converge settlement layer.
• USDe’s reported scale has climbed into the $13–14 billion range, with DefiLlama citing TVL above $14 billion.
• Ethena’s ENA token has shown sharp swings, including a roughly 24% drop from a recent peak, according to CoinMarketCap data cited in reporting.
• Ethena says USDtb targets fiat backing with planned onboarding through Anchorage Digital, while Converge is being developed with Securitize and BlackRock tokenization partners.