USDe supply exceeds 321.1 million on Robinhood Chain

Ethena’s stablecoin USDe has surpassed 321.1 million in supply eight weeks after its launch on Robinhood Chain, representing 42% of the chain’s total stablecoin supply. USDe is now the second-largest stablecoin on the chain, following the native USDG at 425.6 million, and is the largest among externally issued stablecoins. Analysts attribute the growth to the chain’s infrastructure design, Steakhouse Financial’s choice of an Ethena collateral issuer, and the allocation of 62% to 65% of liquidity in Steakhouse’s USDG vault to the Morpho USDe/USDG market. Additionally, borrower deposits of USDe have increased as the market received the largest share of collateral liquidity in the vault.

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