Ethena Labs, the protocol behind the USDe stablecoin, has seen significant investment from YZi Labs, the family office of Binance co-founder Changpeng Zhao. This move comes as USDe's market cap surpasses $14 billion, making it the third-largest U.S. dollar-denominated crypto asset. Ethena is also actively participating in the competitive landscape of stablecoin issuance, submitting a proposal to issue Hyperliquid's upcoming stablecoin, which has garnered interest from major players like Paxos and BlackRock.
The partnership with Flowdesk aims to enhance the accessibility of USDe and USDtb, Ethena's other stablecoin, across various platforms. Additionally, Ethena Foundation is preparing a governance vote to finalize a revenue-sharing framework for ENA token holders, indicating a strategic focus on community engagement and sustainable growth. These developments highlight Ethena's growing influence in the decentralized finance sector and its commitment to expanding stablecoin adoption.
Ethena Labs: Transforming the DeFi Space with USDe
September 21, 2025
1 min read
Ethena Labs, the protocol behind the USDe stablecoin, has seen significant investment from YZi Labs, the family office of Binance co-founder Changpeng Zhao. This move comes as USDe's market cap surpasses $14 billion, making it the third-largest U.S. dollar-denominated crypto asset.