CZ-Affiliated Investment Firm Invests in Developers of Surprise Altcoin

YZi Labs (formerly Binance Labs) has announced that it will increase its investment in Ethena (ENA) Labs to support the company's ￰0￱ step aims to expand the use of Ethena's USDe on both centralized exchanges and the DeFi ecosystem, create a stronger asset on BNB Chain, and accelerate the development of new products USDtb and Converge. Ethena's total assets locked (TVL) has surpassed $13 billion, while USDe quickly became the fastest USD-based crypto asset to surpass the $10 billion threshold. Currently, USDe is the third-largest dollar-based asset in the crypto world by market ￰1￱ News: Trump Takes Action Again After Fed Decision: Files Historic Application to Remove Fed Member Cook YZi Labs made its first investment in Ethena as part of its Season 6 Incubation Program in February ￰2￱ the time, Ethena, which hadn't yet launched its product, had attracted attention with its crypto-native synthetic dollar model built on a delta-neutral hedging strategy.

“We were impressed by the team's vision and their innovative, bank-free, yield-generating stablecoin model,” said Nicola Wang, YZi Labs' Investment ￰3￱ to the company, with the support of YZi Labs, Ethena will accelerate its growth on the BNB Chain and expand its integrations with centralized exchanges and DeFi ￰4￱ also plans to launch a fiat-backed stablecoin called USDtb, compliant with GENIUS regulations, and launch an institutional consensus layer called Converge, developed with tokenization partners Securitize and BlackRock. *This is not investment ￰5￱ Reading: CZ-Affiliated Investment Firm Invests in Developers of Surprise Altcoin