"CZ's Family Office Doubles Down on Ethena Labs Amid $13B USDe Stablecoin Surge"

CZ's Family Office Deepens Stake in Ethena Labs Amid USDe Stablecoin Surge to $13B In a significant move, YZi Labs, the family office founded by Binance co-founder Changpeng "CZ" Zhao and Yi He, has deepened its investment in Ethena Labs, the issuer of the synthetic dollar stablecoin USDe. According to CoinDesk, the expanded backing from YZi Labs will support Ethena's growth phase, which includes expanding on BNB Chain, launching fiat-backed stablecoin USDtb, and developing Converge, an institutional settlement layer. The move underscores growing demand for stablecoins, with USDe reaching $13 billion in circulation and becoming the third-largest crypto dollar. This surge in popularity has sparked interest among investors, with YZi Labs increasing its support for Ethena Labs to facilitate further growth. According to CoinDesk, this expansion will enable Ethena to tap into new markets and expand its user base. Ethena Labs' USDe stablecoin has seen significant adoption, with its supply reaching $13 billion in circulation. This growth is a testament to the increasing demand for stablecoins, which offer a more stable alternative to traditional cryptocurrencies. The expanded backing from YZi Labs will enable Ethena to continue meeting this demand and further establish itself as a major player in the crypto market. The investment from YZi Labs also highlights the importance of infrastructure development in the crypto market. According to an expert, "Stablecoins are becoming increasingly essential for mainstream adoption, and infrastructure development is crucial to support their growth." The launch of fiat-backed stablecoin USDtb and the development of Converge settlement layer will provide users with more options and flexibility when using USDe. In a statement, CZ's family office expressed its commitment to supporting Ethena Labs' growth. "We are excited to deepen our investment in Ethena Labs and support their expansion on BNB Chain," said a spokesperson for YZi Labs. "Our goal is to facilitate the widespread adoption of stablecoins and provide users with more options for secure and efficient transactions." The current status of USDe's supply stands at $13 billion, making it one of the largest crypto dollars in circulation. With the expanded backing from YZi Labs, Ethena Labs is poised to continue its growth trajectory and establish itself as a leading player in the stablecoin market. Background information on Ethena Labs and YZi Labs: Ethena Labs is a blockchain-based platform that issues synthetic dollar stablecoins, including USDe. The company has seen significant adoption of its USDe stablecoin, which has reached $13 billion in circulation. YZi Labs, the family office founded by CZ and Yi He, rebranded from Binance Labs and has been actively investing in various blockchain projects. Relevant quotes: "Stablecoins are becoming increasingly essential for mainstream adoption, and infrastructure development is crucial to support their growth." - Expert "We are excited to deepen our investment in Ethena Labs and support their expansion on BNB Chain," said a spokesperson for YZi Labs. This story was compiled from reports by CoinDesk and CoinDesk.