The CZ family office deepens the stake in the Etherna Labs as USDE Stablecoin Supply Tops $ 13B
Yzi Labs, the family office founded by Binance co-founder Changpeng “CZ” Zhao and Yi he, which Rebranded from Binance Labs.
The investment comes as Etha is entering a new phase of growth, which includes expanding its footprint to the BNB chain. This includes rotation of products designed to bridge crypto and traditional finances, such as the USDTB, a Fiat-Back Stablecoin development, and Converge, a layer of institutional settlement built using securitize and partners connected to blackrock.
USDE, sold as a “synthetic dollar,” uses bitcoin BtcEther (Et) And Solana’s Sol (Sol)In return assets, pairing them with an equal amount of short forever futures positions in exchanges to maintain a $ 1 peg.
Launched less than two years ago, the synthetic dollar crossed the $ 10 billion supply milestone faster than any other dollar cooked crypto asset.
“Since our investment team first met Guy (Child) in late 2023, Ethena became a category of dollar category that carries the harvest,” said Dana Hou, YZI Labs investment partner.
For users, developments mean many options for handling and using digital dollars throughout the centralized exchange and decentralized financial protocols. For institutions, products such as Converge aim to create a familiar layer of settlement for tokenized assets, which potentially expand the adoption of financial chain infrastructure.
Read more: The USDE Outpaces of the Etherna of Blackrock’s Bitcoin, Ether ETFS with $ 3.1B flowing
