YZi Labs, the family office founded by Binance co-founder Changpeng "CZ" Zhao and Yi He, which was rebranded from Binance Labs, has expanded its position in Ethena Labs, the protocol behind USDe, which has become the third-largest U.S. dollar-denominated crypto asset with more than $13 billion in circulation. The investment comes as Ethena enters a new stage of growth, which includes extending its footprint on BNB Chain. This includes rolling out products designed to bridge crypto and traditional finance, ...

YZi Labs, the family office linked to Binance founder Changpeng Zhao, is putting more weight behind Ethena Labs, the company behind the synthetic dollar USDe. The timing is interesting. Binance only recently added support for USDe across a few of its services, and now YZi is coming in with deeper backing. It looks like they’re making a clear bet that Ethena is picking up real traction. Ethena’s Numbers Are Climbing This move from YZi Labs comes after USDe saw a big jump in both supply and usage. The stab ...

YZi Labs, formerly Binance Labs, a major digital asset investment firm, announced today, September 19, that it has boosted its stake in Ethena Labs following the rapid expansion of Ethena’s synthetic stablecoin, USDe, which recently surpassed $14 billion in market capitalization. The move solidifies YZi Labs’ role as a key institutional backer of Ethena and highlights increasing interest in synthetic dollar solutions within the sector. Strategic Funding Targets Integration and Product Launches With a tota ...

YZi Labs, formerly known as Binance Labs, has deepened its stake in Ethena Labs as USDe hits $13 billion TVL. The $10 billion investment arm is backing the protocol behind the third-largest USD-denominated crypto asset amid mounting regulatory scrutiny and rapid institutional adoption of the synthetic, yield-bearing digital dollars. USDe achieved the fastest growth trajectory to cross the $10 billion milestone in crypto history, surpassing established players like Tether’s USDT and Circle’s USDC in terms ...

（来源：吴说） 吴说获悉，YZi Labs 宣布扩大对 Ethena Labs 的持仓与战略支持。此次支持将推动 USDe 在中心化与去 中心化平台的进一步应用，扩展至 BNB Chain，并推进新产品 USDtb 与机构结算层 Converge 的落地。 目前，Ethena TVL 已超 130 亿美元。 来源：市场资讯 ...

核心财务表现 - 第二季度GAAP收入达7090万美元 超出分析师预期740万美元[1] - 调整后EBITDA亏损收窄至470万美元 较去年同期3500万美元改善866%[1][2][6] - GAAP毛利率创纪录达到561%[1][6] - 每股亏损124美元 较预期亏损177美元有所改善[2] 收入结构转型 - 软件订阅收入成为主要收入驱动 第二季度达4040万美元 较第一季度3220万美元增长256%[5] - 订阅收入预计2025年将占总收入近60%[11] - 公司战略重心转向高利润率的软件订阅业务模式[4][5] 战略合作与客户拓展 - 新增重要客户佛罗里达蓝十字蓝盾保险公司[7] - 获得国防卫生局(DHA)合同延期 覆盖960万军事医疗系统成员[7] - 政府合同成为年度最大收入组成部分[8] 运营指标变化 - 总访问量下降至120万次 较第一季度130万次减少77%[8] - 公司计划剥离精神科护理业务 导致全年收入指引下调至245-250亿美元[1][9] 未来业绩指引 - 2025年调整后EBITDA亏损预期收窄至5000-4500万美元[9] - 第三季度收入预计5300-5600万美元 EBITDA亏损可能环比扩大[9] - 预计2026年实现运营现金流转正[10] 业务模式优势 - Converge软件平台支持远程医疗访问、患者调度和护理协调[3] - 核心竞争力体现在技术扩展能力、医疗系统互操作性和法规合规性[4] - 通过降低低利润率临床业务依赖实现盈利改善[4]