Yzi Labs, the family office founded by the co -founder of Binance Changpeng “CZ” Zhao and Yi He, which was renamed Binance Labs, has expanded its position in Ethena Labs, the protocol behind the USDE, which has become the third largest active of American dollar crypto with more than $ 13 billion in circulation.
The investment occurs when Ethena enters a new growth stage, which includes extending its footprint in the BNB chain. This includes launch products designed to unite traditional cryptographic and finance, such as USDTB, a stable backed by Fiat in development, and converge, a layer of institutional settlement that is being built with tititization and partners connected to Blackrock.
USDE, marketed as a “synthetic dollar”, uses Bitcoin BTC, ether (Eth) and the sun of Solana (SUN)As backup assets, combining them with equal value of positions of short perpetual futures in exchanges to maintain a $ 1 plug.
Launched less than two years ago, the synthetic dollar crossed the supply milestone of $ 10 billion faster than any other cryptographic active dollar.
“Since our investment team met Guy for the first time [Young] At the end of 2023, Ethena has become the final category for synthetic dollars that support yield, ”said Dana Hou, Yzi Labs investment partner.
For users, developments mean more options to maintain and use digital dollars in centralized exchanges and decentralized finance protocols. For institutions, products such as converge aim to create a layer of family settlement for tokenized assets, potentially expanding the adoption of financial infrastructure in the chain.
Read more: the USDE USDE of Ethena exceeds Blackrock’s Bitcoin ETF, Ether with an entrance wave of $ 3.1b
