USDe Surpasses $320 Million on Robinhood Chain in Eight Weeks
Ethena's stablecoin USDe has experienced explosive growth on Robinhood Chain since its launch eight weeks ago, surpassing $320 million in supply. This represents a significant portion of the chain's total stablecoin supply, accounting for 42%.
This milestone was reported by Wu Blockchain, citing data from Token Terminal, which showed that USDe exceeded $320 million on August 28th. Notably, excluding USDG, Robinhood Chain's native issuance, USDe is now the largest external dollar-pegged asset on the network.
Analyst Mesh attributed the growth to Robinhood Chain's yield-product structure and Stakehouse Financial's decision to choose Ethena as a key collateral provider for the launch of Robinhood Earn. This move helped drive demand for USDe, with 62% to 65% of liquidity allocated to the USDG vault operated by Stakehouse flowing into Morpho's USDe-USDG market.