Yzi Labs, the Family Office, founded by Binance-Medfifter Changpen “CZ” Zhao and Yi He, who were redirected from Binance Labs, has expanded its position in ethena labs, the protocol behind usde, which has become the third-largest US dollar-denomined crypto ass with more than $ 13 million in circulation.
The investment comes when Ethena enters a new growth stage that includes expanding its footprint on the BNB chain. This includes the extraction of products designed to bridge crypto and traditional financing, such as USDTB, a Fiat-supported stableecoin in the development and converging, an institutional settlement layer built with Securitize and partners connected to Black Rock.
USDE, marketed as a “synthetic dollar”, using Bitcoin BTC, ether (Eth) and Solana’s sun (Sun)As a backing assets, pairing them with an equal value of short eternal futures positions on exchanges to maintain a stick of $ 1.
The synthetic dollar launched less than two years ago crossed the $ 10 billion utility milestone faster than any other dollar-pegged crypto-asset.
“Since our investment team first met guy [Young] By the end of 2023, Ethena has become the category defines dividend -bearing synthetic dollars, ”said Dana Hou, investment partner at Yzi Labs.
For users, development means more opportunities to keep and spend digital dollars across centralized exchanges and decentralized financing protocols. For institutions, products like Converge aim to create a well-known settlement layer for tokenized assets, which potentially expands the adoption of financial infrastructure on-chain.
Read more: Ethenas USDE surpasses Blackrocks Bitcoin, Ether ETFs with $ 3.1 B influx
