YZi Labs Strengthens Partnership with Ethena Labs
YZi Labs has expanded its collaboration with Ethena Labs, the creator of USDe. USDe is now the third-largest dollar-pegged asset in the crypto market. It has quickly grown to a $13 billion supply, becoming the fastest USD-backed digital asset to surpass $10 billion.
In February 2024, when YZi Labs was still known as Binance Labs, it became one of the first investors in Ethena Labs. This investment was made through YZi Labs’ Season 6 Incubation Program. At that time, Ethena was testing its unique system designed to keep the dollar stable while generating steady returns.
Nicola Wang, Investment Director at YZi Labs, said, “We were impressed by Ethena’s team and their unique approach to stablecoin design — building a crypto-native model that generates yield without relying on banks.”
Ethena Expands on BNB Chain and DeFi Platforms
Ethena now holds over $13 billion in total value locked (TVL). It integrates with major DeFi platforms and centralized exchanges. The protocol is also growing its presence on the BNB Chain through new partnerships, money markets, and protocol integrations.
With support from YZi Labs, Ethena is increasing USDe adoption across both centralized and decentralized finance. The partnership will also accelerate the launch of USDtb, a fiat-backed stablecoin targeting GENIUS compliance, and the rollout of Converge.
Converge was developed with Securitize and BlackRock tokenization partners. It aims to bring institutional-grade real-world assets (RWAs) to blockchain networks.
Guy Young, Founder and CEO of Ethena Labs, said, “With USDe now scaling across exchanges, DeFi protocols, and global user bases, that vision is becoming a reality.”
Supporting Growth in the BNB Chain Ecosystem
This announcement follows B Strategy’s recent plan to create a BNB treasury with an initial $1 billion investment. The initiative, supported by YZi Labs, aims to fund innovative projects and community efforts within the BNB Chain ecosystem.
YZi Labs views USDe as a key component of digital finance. It combines stability, yield, and mainstream adoption within a growing ecosystem.
