CZ's Family Office Deepens Stake in Ethena Labs as USDe Stablecoin Supply Tops $13B

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 ￰0￱ investment comes as Ethena enters a new stage of growth, which includes extending its footprint on BNB ￰1￱ includes rolling out products designed to bridge crypto and traditional finance, such as USDtb, a fiat-backed stablecoin in development, and Converge, an institutional settlement layer being built with Securitize and partners connected to BlackRock.

USDe, marketed as a "synthetic dollar," uses bitcoin BTC , ether (ETH) and Solana's SOL (SOL)as backing assets, pairing them with an equal value of short perpetual futures positions on exchanges to maintain a $1 ￰2￱ less than two years ago, the synthetic dollar crossed the $10 billion supply milestone faster than any other dollar-pegged crypto asset. “Since our investment team first met Guy Young in late 2023, Ethena has become the category definer for yield-bearing synthetic dollars,” said Dana Hou, investment partner at YZi ￰3￱ users, the developments mean more options for holding and using digital dollars across centralized exchanges and decentralized finance ￰4￱ institutions, products like Converge aim to create a familiar settlement layer for tokenized assets, potentially broadening adoption of on-chain financial ￰5￱ more: Ethena's USDe Outpaces BlackRock’s Bitcoin, Ether ETFs With $3.1B Inflow Surge