Haciyev Reşit 
Former Binance CEO Changpeng Zhao’s family office, YZi Labs, has deepened its support by increasing its stake in the popular synthetic dollar project, Ethena Labs. This move comes just weeks after Binance added USDe as both a spot trading pair and collateral asset.
Ethena Labs and the Rise of USDe
Ethena Labs is known for its innovative synthetic dollar, USDe. Launched in early 2024, USDe differentiates itself from other stablecoins by employing a “delta-neutral” hedging strategy to maintain its dollar peg.
USDe quickly gained traction, surpassing the $10 billion milestone to become the fastest-growing on-chain dollar alternative. Current data shows a market capitalization of approximately $14 billion, making USDe the third-largest stablecoin globally in terms of circulating supply.
Statement from Ethena CEO
Guy Young, CEO of Ethena Labs, commented on the deal:
“We are excited to deepen our partnership with YZi Labs, a long-standing strategic supporter. Our goal is to place stable and yield-generating assets at the center of the crypto economy.”
YZi Labs and Strategic Support
YZi Labs (formerly Binance Labs) was one of Ethena’s earliest supporters, having included the project in its “Incubation Season 12” program prior to USDe’s launch.
With this new investment, YZi’s backing is expected to further increase USDe adoption across both centralized exchanges (CEX) and decentralized finance (DeFi) protocols, while also contributing to the development of the USDtb stablecoin supported by BlackRock’s BUIDL fund.
Expanding Ecosystem
Ethena is not only focused on USDe but also on its institutional solution, Converge, which aims to bring traditional financial assets (RWA) onto the blockchain.
Converge is designed as an EVM-based settlement layer, enabling institutions to operate on-chain in a secure, transparent, and regulatory-compliant manner. The project seeks to play a critical role not just in stablecoin integrations, but also in tokenizing bonds, funds, and other traditional financial instruments.
This initiative is being carried out in partnership with leading tokenization players like Securitize and BlackRock, further blurring the lines between crypto and traditional finance and opening up new global investment opportunities.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.