YZi Labs Increases Stake in Ethena Labs as USDe Supply Surpasses $13 Billion
On September 19, YZi Labs made a significant move by boosting its stake in Ethena Labs, the creator of USDe, a synthetic dollar. This action underscores YZi’s enduring support for Ethena as its inception before USDe launched publicly in February 2024.
USDe’s supply has surged above $13 billion, with a matched total value locked. YZi Labs’ renewed investment shows faith in Ethena’s upcoming developments, such as USDtb and the Converge settlement layer.
The exact amount of the increased stake isn’t public. However, YZi Labs detailed how the funds will be used. The money will help USDe become more integrated on various exchanges, expand on BNB Chain, and fund the creation of two new projects.
- USDtb – A fiat-backed stablecoin aiming for GENIUS compliance
- Converge – An institutional settlement layer with Securitize and BlackRock’s tokenization partners for bringing real-world assets on-chain
Ethena Labs’ CEO, Guy Young, views this partnership as essential for their vision of distributing digital dollars. He stated, “Embedding stable, yield-bearing assets into the crypto economy is a reality with USDe.”
For YZi Labs, supporting Ethena aligns with its broader mission. Managing over $10 billion in assets globally, YZi backs numerous ventures worldwide. Ethena, alongside other heavyweights like Dragonfly and Fidelity, represents a key digital finance bet for the firm.
