Yzi Labs Backs Ethena as USDe Peaks at $14.14B TVL

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How did Ethena Labs achieve a $14B peak in TVL, backed by Yzi Labs?

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What makes Yzi Labs' support crucial for Ethena Labs' success?

Yzi Labs Backs Ethena as USDe Peaks at $14.14B TVL — Image source: Unblock Media

Ethena’s synthetic dollar, USDe, reaches record supply and fee generation.
Expansion to BNB Chain and new fiat-backed stablecoin announced.

Ethena Labs hit a significant milestone on September 19, 2025, with its synthetic dollar stablecoin, USDe, reaching over 14 billion tokens in circulation. The total value locked (TVL) in Ethena’s protocol surpassed $14.14 billion, making it the second-highest fee-generating entity in crypto, trailing only Tether. These developments come as Yzi Labs, the investment arm of Binance, increased its holdings of Ethena Labs’ ENA token to further support the stablecoin ecosystem.

Ethena Labs also announced its strategic plan to expand USDe’s reach by integrating with the BNB Chain. Initially launched on Ethereum, this expansion aims to boost USDe adoption on both centralized and decentralized trading platforms, extending its accessibility within Binance’s Web3 infrastructure.

Complementing this move, Ethena Labs is preparing to launch USDtb, a fiat-backed stablecoin designed to comply with the U.S. Genius Act. This new stablecoin underscores Ethena’s efforts to diversify its product offerings while ensuring compliance with emerging regulatory frameworks.

Additionally, Yzi Labs is partnering with Ethena Labs on Converge, an institutional-grade settlement layer developed alongside BlackRock and Securitize. Designed to support the BNB Chain’s tokenization strategy, Converge seeks to embed stable, yield-centric assets into the blockchain ecosystem. Guy Young, Ethena Labs’ co-founder, emphasized the initiative’s importance in enhancing liquidity and trust within crypto markets, positioning it as a breakthrough for the industry’s financial utility.

As of September 19, 2025, 17:09 UTC, Ethena USDe (USDe) is trading at $1.001, reflecting a 0.1% decrease in 24-hour trading volume. Meanwhile, Ethena (ENA) is priced at $0.675, with a 4.2% dip in 24-hour trading volume, according to the latest market data.