The rapid growth of the Etherna Stablecoin ecosystem continued on Friday as the Etherna Labs announced a collaboration with the institutional OTC Desk Flowdesk, aimed at expanding accessing its two tokens – USDE and USDTB.
Flowdesk, whose clients include those who provide tokens, funds and fence exchanges, will support trading and rewards programs tied to both stablecoins, companies said.
The USDE is Ethhena’s synthetic dollars, backed by crypto assets and stabilized through a delta-neutral hedging approach that maintains its value peg at $ 1.
USDTB is supported by real-world assets — pronounced Tokenized Money Market Fund of Blackrock.USDC) and USDT (USDT).
The announcement came as the USDE exceeded $ 14 billion in the market capitalization, according to CoinMarketCap, with the shifting -shifting supply that raised 21% last month. That growth has pushed the USDE to the third largest stablecoin position through the market cap, which only boarded the USDT and USDC.
The Ethena Ecosystem is attracting public players
Ethena’s rapid development has been fueled in part of the USDE-Generation model, allowing holders to earn a return while providing an attractive collateral for decentralized financial markets.
Potential yield is a major factor behind The $ 2 billion shelf registration of the mega matrix shelf. The ENA owner will allow the Mega Matrix to participate in management and obtain the income generated by the USDE.
Ethena’s combined income exceeds $ 500 million In August, the delivery of the protocol closer to the activation of the expected “fee-switch” mechanism, which will share a portion of the protocol income with the ENA holders.
Another close to being a public company is also the view of Ethena. Stablecoinx and tlgy acquisition recently That -secure the $ 890 million as part of an integrationwith the new entity that clearly targets the acquisition of digital assets – including the ENA.
Despite its rapid growth, Ethena has been addressed with caution from market participants who have kept models supported by derivatives. Cointelegraph research notes Synthetic stablecoins are faced with volatility of funding rate, as yields rely on positive funding rates, as well as the risk of counterpart and exposure to USDT-margined contracts.
The middle question is whether synthetic dollars can remain elastic during the extended period of negative funding rates or prolonged stress in the market derivatives.
To date, the USDE has rejected those concerns, with the demand to continue to climb as users appear to be willing to think of synthetic risk in exchange for harvest.
Related: ‘Etherna has 6x upside down in circle’: Mega Matrix doubles the ENA ecosystem
