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Ethena Labs has announced the expansion of its USDe stablecoin to the Solana blockchain. This strategic integration not only broadens USDe's reach but also introduces a novel approach to stablecoin mechanics in the rapidly evolving world of decentralized finance.
This move advances stablecoin evolution and showcases Ethena Labs' commitment to solving key crypto challenges. USDe, Ethena Labs' synthetic dollar, is designed to offer a scalable and censorship-resistant alternative to traditional stablecoins.
The company said it's confident the Solana integration will significantly increase adoption of its USDe stablecoin.
Ethena's USDe will grow its presence on Pendle and Aave. Ethena's USDe tries to build liquidity pairs on multiple protocols, to ensure its price stability and good reputation among traders.
In recent market developments, a notable partnership emerged between USDe and Aave, facilitating significant functionalities for users. This collaboration enabled users to execute two key actions seamlessly.
Synthetic USDe offers traders a way to hedge against market volatility and manage risk more effectively when trading on margin.
Ethena Labs' USDe, a synthetic dollar stablecoin, has garnered significant community adoption, propelling it to become the fourth-largest stablecoin by market capitalization. This achievement comes at a notable juncture, as the stablecoin surpassed the entire Solana blockchain in revenue generation within the past week.
Ethenas' synthetic dollar, USDe, has quickly reached a $3 billion supply just four months after its launch.
Ethena's synthetic dollar cryptocurrency, USDe, has experienced a significant increase in market capitalization, surpassing $2.66 billion.
Bybit is integrating Ethena Labs' synthetic dollar, USDe, as a collateral asset and in spot trading pairs for bitcoin and ether.
Ethena's USDe has recorded explosive growth over the past month. Can it compete with Tether and Circle given its inherent risks?
A newcomer has swiftly risen to prominence in the Stablecoin market, challenging the dominance of traditional players like USDT and USDC. USDe, a recently launched stablecoin, has accumulated a market cap of $2 billion in a very short period.
The fifth-largest stablecoin in the crypto economy by market capitalization, Ethena's USDE, temporarily detached from its peg on Saturday amid market declines. Data reveals that the token, designed to mirror the U.S. dollar's value, declined to $0.965 each. Similarly, the market witnessed the fourth largest stablecoin, FDUSD, fall to a low of $0.9557 per coin.
MakerDAO approves plan to back up to $1 billion DAI with USDe and sUSDe.
Bitcoin collateral for Ethena's USDe synthetic dollar has exceeded $500 million less than a week after its introduction. The platform's website data showed approximately $537 million in Bitcoin reserves across various exchanges such as Binance, OKX, and Deribit.
Ethena Labs has made headlines by announcing its intention to back its USDe synthetic dollar with Bitcoin.
Ethena Labs aims to strengthen USDe's backing, ultimately providing a safer product for its users leveraging BTC's expanding open interest.
On Thursday, Ethena Labs unveiled its new strategy to back USDE with bitcoin, enhancing the stablecoin's foundation. The stablecoin, known for delivering yields in the double digits, has rapidly ascended to become the fifth-largest stablecoin by market capitalization, now valued at over $2 billion.
Ethena Labs has announced the onboarding of Bitcoin as a backing asset to enhance the stability and appeal of its USDe stablecoin.
TL;DR Ethena Labs Integrates Bitcoin: Ethena Labs has added Bitcoin as collateral for its USDe synthetic dollar to increase safety and scale the supply, enhancing the product's robustness.
The idea is to make the algorithmic stablecoin more stable, but doubts remain.
Ethena Labs announced to back its USDe synthetic dollar with Bitcoin and some crypto experts have raised red flags on the move as it may crash the crypto market. Among these experts, on-chain data platform CryptoQuant CEO said USDe backed by Bitcoin raises risks of a potential Terra LUNA-like crisis.
Decentralized Finance (DeFi) protocol Ethena Labs has announced the addition of Bitcoin as one of the backing assets for its synthetic dollar-pegged stablecoin. The USDe is already backed by ETH, ETH-based liquid staking tokens, and Tether (USDT).
The platform will use a cash-and-carry trade to short bitcoin futures and pocket funding rates to generate yield on its USDe tokens.
