CZ’s Family Office Increases Investment in Ethena Labs as USDe Surges
- YZi Labs, founded by Binance co-founder Changpeng “CZ” Zhao, has expanded its stake in Ethena Labs.
- Ethena’s USDe stablecoin has surpassed $13 billion in circulation, making it the third-largest U.S. dollar-denominated crypto asset.
- USDe is backed by bitcoin, ether, and Solana’s SOL, maintaining a $1 peg through short perpetual futures positions.
- The investment supports Ethena’s growth on the BNB Chain and includes new products like USDtb and Converge.
- Launched less than two years ago, USDe crossed the $10 billion supply milestone faster than any other dollar-pegged crypto asset.
The developments from YZi Labs and Ethena Labs indicate a significant expansion in options for users of digital dollars across both centralized exchanges and decentralized finance protocols. Institutional offerings like Converge aim to enhance the adoption of on-chain financial infrastructure.
With USDe now exceeding $13 billion in circulation, YZi Labs’ investment reflects a growing confidence in yield-bearing synthetic dollars as key players seek to bridge traditional finance with cryptocurrency solutions.
