The firm dedicated to the venture capital firm Yzi Labs has increased the stake in Ethena, the Stablecoin issuer behind the USDE, which will help adopt digital dollars throughout the decentralized and centralized platform.
The investment will help expand the Etherna Usde (USDE) to the BNB chain while enables Ethhena to continue developing USDTB Stablecoin and an institutional settlement layer, “Converge,” Changpeng Zhao’s Yzi Labs Says In a statement on Friday.
The USDTB is supported by the short periods of Treasury’s properties, along with Blackrock’s Buidl, while Converge is an Ethereum virtual machine compatible with the chain dedicated to tokenizing real-world assets.
The move supports Yzi’s mission to “support open, measured digital dollar infrastructure that can serve as a backbone of efficiency and liquidity for the entire financial ecosystem.”
The CEO of Etherna Labs Guy Young added: “The Holy Grail of the Digital Dollar Distribution has always been embedded firmly, assets that bring directly to the crypto economy core.
“Through the USDE now measure the exchanges, defi protocols, and global user bases, the vision becomes a reality.”
Stablecoin adoption arrived while US Treasury estimated in April the $ 295 billion market Boom up to $ 2 trillion by 2028. Momentum was strengthened in July by US President Trump’s Signing by the Genius Actseen as one of the most comprehensive laws of stablecoin to this day.
USDE uses cases to extend to BNB chain
Yzi, former Binance Labs, was first invested in Etherna through the Season 6 Incubation Program on February 2024, before the USDE public launch. USDE synthetic dollars are backed by cryptocurrencies and stabilized through a delta-neutral hedging approach that maintains its value peg at $ 1.
The USDE expansion into the BNB chain will build April deployment with new currency markets, protocol integration, and ecosy system partnerships, Yzi said.
Related: ASIC licensing policies for Stablecoin distributors in Australia
Since launched, USDE has climbed a $ 14 billion market cap – trailing tether only (USDT) and USDC of the Circle (USDC) at $ 171.5 billion and $ 73.9 billion, respectively, coingecko Data Shut up. Increasing USDE adoption may allow it to slice to The dominance of USDT and USDC and expand its use of the entire crypto ecosystem.
USDE can see adoption in hyperliquid competitor
It came as Yzi – managing $ 10 billion worth of possessions that spread throughout the crypto, AI and health care – recently That promotes hyperliquid rival aster – A new decentralized Perpetuals exchange platform that is set to include USDE as part of its ecosystem.
Etherna also won investment support from Trillion-dollar asset management companies Fidelity and Franklin Templeton, while the Crypto VC firm Dragonfly also supports the Stablecoin issuer.
Magazine: 3 people who unexpectedly became crypto millionaires … and one that is not
