$USDm and $hUSDe: Expanding the Ethena's Assets Multiverse
In just 3 weeks, Ethena's USDe supply has grown rapidly from $11B to $13.6B.
As I mentioned before, $USDe and $USDtb are not Standard YBS anymore
They are now infrastructure → The foundation of a new model: Stablecoin-as-a-Service (SaaS)
➥ USDm is the native stablecoin of MegaETH, built with @megaeth_labs and it’s backed by USDtb.
This is the first product in Ethena’s new line: Stablecoin-as-a-Service
SaaS lets any app or chain quickly launch a custom stablecoin using Ethena’s backend, with flexible support for both USDtb and USDe
➥ @ethena_labs also partnered with Liminal to launch hUSDe → a Hyperliquid-native synthetic dollar.
hUSDe is fully collateralized using Hypercore-native assets like delta-hedged Unit spot.
It follows the same transparency and risk frameworks as USDe
To sum up → Ethena will win
Ethena USDe ⥊ The Foundation Layer for Modular Yield
$USDe is hitting all-time highs daily, now surpassing $11.4B in supply
Over $800M in YBO yield has already been distributed to YBS holders → sUSDe alone accounts for 40% of all YPO, with $337M in total
USDe is not only about passive yield ⥊ USDe is becoming a core yield layer for the next generation of DeFi and as reserve collateral across the ecosystem ↓
➢ The architecture of yield: The Ethena YBS Stack
At its core, @ethena_labs USDe is a synthetic dollar backed by delta-neutral strategies, but its real power lies in how it's used, deployed, and leveraged across ecosystems
1. Base assets
▸ YBS on EVM → sUSDe
▸ YBS on @ton_blockchain → tsUSDe
2. Converge's native protocols
▸ @etherealdex USDe → eUSDe
▸ @Terminal_fi USDe → tUSDe
▸ @strata_money USDe → pUSDe
3. Partner's protocols
▸ @infiniFi_ USDe → iUSDe
▸ @re USDe → reUSDe
▸ @neutrl_labs USDe → NUSD
➢ A Yield Layer Integrated across defi: Where Yield Goes to Work
TON ecosystem ⥊ tsUSDe earns up to 20% APY through TON-native DeFi and non-custodial wallets like @tonkeeper & @mytonwallet_io
DEXs ⥊ USDe and its derivatives tradable across top-tier exchanges including Uniswap, Fluid, Curve and Merchant Moe
Money markets ⥊ supported by Morpho, Aave, Euler, Silo, and Fluid for lending and borrowing
Yield leverage ⥊ actively deployed in Pendle, Napier, Spectra, and other advanced yield strategies
→ It’s the reserve-backed base layer for the future of DeFi-native yield
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