The Sorcerer’s Stablecoin: Zhao’s YZi Labs Conjure $2T Spell on Ethena’s USDe

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In a move that would make even the most jaded crypto oracle raise an eyebrow, YZi Labs-once Binance’s experimental petri dish-has thrown its weight behind Ethena, the stablecoin sorcerers behind USDe. This isn’t just a financial maneuver; it’s a full-blown incantation to flood decentralized and centralized realms with digital dollars. 🪄

The investment, as per YZi’s Friday proclamation, will turbocharge USDe’s conquest on BNB Chain while Ethena continues its alchemical work on USDtb (backed by BlackRock’s BUIDL, because why not?) and its “Converge” layer-a blockchain that tokenizes real-world assets like they’re enchanted scrolls. 📜

YZi’s mission? To “support open, scalable digital dollar infrastructures”-a phrase that sounds suspiciously like a wizard’s oath to “maintain global liquidity and order.” Or, as it might be phrased in a tavern: “We’ll fix the economy, or your money back!”

Ethena’s CEO, Guy Young, declared: “The holy grail of digital dollar distribution has always been embedding stable, yield-bearing assets directly into the core of the crypto economy.” A noble quest, if one ignores the fact that the “holy grail” is now a line of code. 🏆

“With USDe now scaling across exchanges, DeFi protocols, and global user bases, that vision is becoming a reality.”

As the US Treasury prophesied in April, the stablecoin market-a mere $295 billion at the time-will swell to $2 trillion by 2028. July’s GENIUS Act, signed by a certain orange-enthusiast-in-chief, has only added fuel to this fire, like tossing gasoline on a dragon’s hoard. 🔥

USDe’s BNB Chain Expansion: A Dragon’s New Lair?

YZi, formerly Binance Labs, first dipped its toes into Ethena’s waters via its Season 6 Incubation Program in February 2024-before USDe’s grand unveiling. This synthetic dollar, stabilized by a delta-neutral hedging strategy (a sorcerer’s hedge, if you will), remains pegged to $1, lest it unravel into crypto’s version of a haunted loom. 🕸️

Now, USDe’s BNB Chain expansion is building on its April “deployment” with new money markets and partnerships. YZi’s statement drips with the confidence of a wizard who’s just discovered a loophole in the laws of physics.

Since its launch, USDe has ballooned to a $14 billion market cap-a pittance compared to Tether’s $171.5 billion and USDC’s $73.9 billion, but enough to make one wonder: Is this the underdog that will slay the crypto titans? 🐉

Hyperliquid’s Rival: A New Grimoire for USDe?

Meanwhile, YZi-guardian of $10 billion in assets (crypto, AI, healthcare) has anointed Aster, a Hyperliquid rival, as its latest pet project. Aster, a decentralized perpetuals exchange, will soon integrate USDe, because nothing says “trust” like a new platform with a name that sounds like a typo. 🤔

Ethena, of course, has the backing of financial titans like Fidelity and Franklin Templeton-alongside crypto’s very own DragonFly. One wonders if these investors are aware they’ve just funded a modern-day sorcerer’s apprentice. 🐉

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2025-09-21 03:53