YZi Labs, the venture arm formerly known as Binance Labs, has significantly expanded its stake in Ethena Labs, the innovative protocol powering USDe – the third-largest USD-denominated cryptocurrency asset and the fastest to surpass the $10 billion supply milestone in history. This renewed commitment highlights YZi Labs' dedication to fostering scalable, open digital dollar infrastructures that enhance liquidity and efficiency across the global financial ecosystem.

As an early investor through its Season 6 Incubation Program in February 2024, YZi Labs backed Ethena before its public launch, recognizing the potential of its crypto-native synthetic dollar model. This approach leverages delta-neutral hedging to ensure stability while generating sustainable yields without traditional banking dependencies. "We were impressed by Ethena’s team and their unique approach to stablecoin design – building a crypto-native model that generates yield without relying on banks," said Nicola Wang, Investment Director at YZi Labs.

Today, USDe boasts over $14 billion in supply and total value locked (TVL), cementing its position as a cornerstone of the crypto economy. The asset has integrated seamlessly with leading centralized exchanges (CEXs) and decentralized finance (DeFi) protocols, driving widespread adoption.