YZi Labs Increases Investment in Ethena Labs as USDe Supply Reaches $13B

YZi Labs, founded by Binance co-founders Changpeng "CZ" Zhao and Yi He, has increased its investment in Ethena Labs. Ethena Labs is behind USDe, the third-largest U.S. dollar-denominated crypto asset with over $13 billion in circulation.

Ethena is expanding on BNB Chain, planning products that bridge crypto and traditional finance, including USDtb, a fiat-backed stablecoin, and Converge, a settlement layer for institutions.
USDe, a "synthetic dollar," uses [Bitcoin](https://holder.io/coins/btc/), [Ethereum](https://holder.io/coins/eth/), and Solana assets paired with short perpetual futures to maintain its $1 peg.
Achieved $10 billion supply milestone faster than any other dollar-pegged crypto asset.
Offers more options for digital dollar usage across centralized exchanges and DeFi protocols.
Converge aims to create a familiar settlement layer for tokenized assets, potentially increasing institutional adoption of on-chain financial infrastructure.