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Ethena gains YZi Labs support amid $13B USDe milestone
On September 19, YZi Labs — the former venture division of Binance, often referred to as the family office of exchange co-founders CZ and Yi He — announced an expansion of its position in Ethena Labs. The decision was driven by the rapid growth of Ethena’s synthetic stablecoin USDe.
USDe supply has already surpassed $13 billion, making it the third-largest dollar-denominated asset in the crypto market and the fastest in history to cross the $10 billion mark. Its integration spans major centralized exchanges and leading DeFi applications. YZi Labs’ support is closely tied to Ethena’s growing presence in BNB Chain, following its April deployment, which included new money markets, protocol integrations, and established ecosystem partnerships.
Expansion into BNB Chain and focus on new products
While the exact size of the increased stake remains undisclosed, YZi Labs outlined a clear strategic allocation of capital. Investments are aimed at supporting three initiatives:
- Deepening USDe integration across centralized and decentralized exchanges.
- Accelerating its expansion into BNB Chain.
- Funding the development of two flagship products.
These include USDtb, a fiat-backed stablecoin aligned with GENIUS requirements, and Converge, an institutional settlement layer developed with Securitize and BlackRock tokenization partners to bring traditional financial assets on-chain.
“We are excited to continue providing meaningful support to the Ethena team and look forward to Ethena creating on-chain dollars that stand the test of time and deliver long-term impact,” said YZi Labs investment partner Dana Hou.
Currently, YZi Labs manages over $10 billion in assets. Its portfolio spans more than 300 projects across 25+ countries on six continents, with over 65 companies completing its incubation programs.
As we wrote, Binance Labs rebrands to YZi Labs, adds AI and biotech focus
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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