Ethena is a synthetic dollar protocol built on the Ethereum blockchain. Its native token ENA drew attention on Tuesday, Sept. 23, after staging a 5% intraday rally despite prevailing bearish sentiment across crypto markets. The bounce followed five consecutive days of losses, which saw ENA decline more than 20% since the Fed’s Sept. 18 rate cut triggered downturns in demand for USD-pegged assets. At press time, ENA had reclaimed the $0.61 level, rising 5%, despite a 32% decline in trading volume in the las ...

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 ...

YZi expands position in Ethena Labs. | Credit: Credit: Matias Baglietto/NurPhoto via Getty Images. Key Takeaways YZi Labs was one of Ethena’s earliest backers. Ethena is the third-largest stablecoin with a market cap of $14.03 billion. YZi Labs currently manages over $10 billion in assets globally. Changpeng Zhao’s (CZ) venture capital arm, YZi Labs (formerly Binance Labs), has doubled down on stablecoins with a renewed investment in Ethena Labs, the protocol behind the synthetic dollar USDe. The ...

（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 ...

As of September 16, three of Ethena Labs’ products were in the top 50. The platform’s native algorithmic stablecoin, USDe, trailed Hyperliquid (HYPE) in the top 20. At the same time, ENA is perched at 41st, flipping Bitget and Pepe. Even though ENA USD might be under pressure in the last week of trading, ENA crypto holders are upbeat and expect a sharp reversal in the coming days. On Coingecko, the ENA price is changing hands at around $0.70, down -15% in the past week of trading but relatively stable in ...

以太坊稳定币市场表现 - 8月以太坊稳定币供应量增长13% 增加超过170亿美元 超过其他所有区块链总和[1] - 主要竞争对手Tron链供应量下降1.3% 因币安将部分储备重新路由至以太坊[1] - 当前稳定币总市场规模达到创纪录的2870亿美元[2] 主要稳定币发行商动态 - USDC成为8月最大赢家 供应量增加94亿美元[3] - USDC在DeFi稳定币市场占有率从7月55%提升至58%[4] - USDT市场份额几乎是USDC的两倍[3] - USDT通过币安Plasma Earn活动激励用户投入超过10亿美元获取收益[4] 市场增长预测与竞争格局 - Coinbase分析师预测稳定币供应量将在2028年突破1万亿美元[2] - Keyrock和Bitso预计2030年达到该里程碑 届时稳定币将占全球跨境支付12%[2] - Solana是除以太坊外唯一稳定币市场增长超10亿美元的区块链[5] - Ethena的USDe在循环DeFi策略中获得稳固地位[5] 新兴竞争威胁 - Circle和Stripe宣布计划创建专属稳定币区块链[6] - 这些专用区块链试图从膨胀的稳定币市场获取交易费用[6] - 专家认为私有稳定币区块链可能面临失败风险[7]

公司战略 - Mega Matrix向美国证券交易委员会提交20亿美元通用储架注册 以推进其数字资产国库策略[1] - 公司成为首家将企业国库锚定于ENA治理代币的美国上市公司 ENA是稳定币USDe的治理代币[1] - 区别于早期数字资产国库模式 公司直接聚焦ENA 通过资产负债表锚定获得"双重杠杆"：USDe扩张带来的收益敞口和ENA代币价格升值潜力[2] 产品优势 - USDe已成为全球第三大稳定币 仅次于Tether和Circle 同时也是最大的全链上稳定币[3] - 自2024年8月以来 USDe市值增长超200% 同期USDC增长87% USDT增长39.5%[3] - USDe是首个实现规模化的生息稳定币 在美国《天才法案》通过后三周内供应量激增70% 增加近42亿美元[7] - USDe在250天内产生1亿美元收入 500天内流通量扩大至100亿美元 增长速度快于任何稳定币[8] 市场前景 - 机构预测稳定币需求将在未来十年达到数万亿美元：花旗预测2030年达1.6万亿美元（乐观情况3.7万亿美元） 麦肯锡和渣打预测2028年达2-2.8万亿美元 伯恩斯坦预测2035年达4万亿美元 Coinbase预测2028年达1.2万亿美元[5] - 公司内部分析认为市场最终可能接近10万亿美元 驱动因素包括代币化资产结算、货币市场基金转向稳定币、DeFi和中心化交易所需求、新兴市场美元化、跨境支付、企业国库管理和消费者交易[6] 代币机制 - ENA作为治理代币保障协议安全 推动生态系统增长 并在"费用开关"激活后参与收入分配[3] - 随着稳定币市场扩张 USDe持续超越同行 推动协议利润增长 部分利润将流向ENA持有者 放大代币稀缺性价值[4] - ENA供应量有上限 而USDe预计将按数量级扩展 使ENA的长期价值在治理和收益方面大幅提升[4] - 约半数ENA供应仍处于锁定期 将在三年内逐步释放 公司认为这是年轻数字资产的典型"通过仪式" USDe的快速增长远超通胀影响[9] 生态建设 - USDe的真正优势在于开放性 从一开始就集成Aave、Curve、Pendle、Sky和EigenLayer等DeFi生态系统 而非构建封闭花园[8] - USDe不仅是对标USDC或USDT的竞争产品 更开始呈现出去中心化金融操作系统的特征[8]