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Tech-focused venture capital firm YZi Labs has increased its stake in Ethena, the stablecoin issuer behind $USDe, which will assist the digital dollar’s adoption across decentralized and centralized platforms.
The investment will assist Ethena $USDe’s ($USDe) expansion on $BNB Chain while enabling Ethena to continue building its USDtb stablecoin and an institutional settlement layer, “Converge,” Changpeng Zhao’s YZi Labs said in a statement on Friday.
USDtb is backed by short-duration treasury assets, including BlackRock's BUIDL, while Converge is an Ethereum Virtual Machine-compatible chain focused on tokenizing real-world assets.
The move supports YZi’s mission to “support open, scalable digital dollar infrastructures that can serve as a backbone of efficiency and liquidity for the entire financial ecosystem.”
Ethena Labs CEO Guy Young added: “The holy grail of digital dollar distribution has always been embedding stable, yield-bearing assets directly into the core of the crypto economy.
“With $USDe now scaling across exchanges, DeFi protocols, and global user bases, that vision is becoming a reality.”
The stablecoin adoption comes as the US Treasury estimated in April that the $295 billion market would boom to $2 trillion by 2028. Momentum was boosted in July by US President Trump’s signing of the GENIUS Act, seen as one of the most comprehensive stablecoin laws to date.
$USDe use cases to expand on $BNB Chain
YZi, formerly Binance Labs, first invested in Ethena through its Season 6 Incubation Program in February 2024, before $USDe’s public launch. $USDe’s synthetic dollar is backed mainly by cryptocurrencies and is stabilized through a delta-neutral hedging strategy that keeps its value pegged to $1.
$USDe’s expansion on $BNB Chain will build on its April deployment with new money markets, protocol integrations, and ecosystem partnerships already underway, YZi said.
Since launching, $USDe has soared to a $14 billion market cap — trailing only Tether ($USDT) and Circle’s $USDC ($USDC) at $171.5 billion and $73.9 billion, respectively, CoinGecko data shows. Increased adoption of $USDe could allow it to slice into $USDT and $USDC’s dominance and broaden its use across the crypto ecosystem.
$USDe may see adoption on Hyperliquid competitor
It comes as YZi — which manages $10 billion worth of assets spread across crypto, AI and healthcare — recently promoted Hyperliquid rival Aster — a new decentralized perpetuals exchange platform that is set to integrate $USDe as part of its ecosystem.
Ethena has also won investment support from trillion-dollar asset management firms Fidelity and Franklin Templeton, while crypto VC firm DragonFly also backs the stablecoin issuer.
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