Ethena Labs Hits $14B Supply as Yzi Labs Expands Backing

- Ethena’s USDe supply tops $14 billion amid expanded Yzi Labs partnership. - Project expands to BNB Chain and launches U.S.-regulated stablecoin USDtb. Yzi Labs, the investment arm of Binance, announced an expanded partnership with Ethena Labs to accelerate the adoption of its synthetic dollar, USDe. As of September 19, 2025, USDe’s supply exceeded $14 billion. According to a Cryptopolitan report on September 19, this supply milestone cements Ethena's position as the second-largest fee producer in the stablecoin market, behind only Tether. The enhanced collaboration between Yzi Labs and Ethena Labs will focus on three significant initiatives: integrating USDe into the Binance BNB Chain ecosystem, launching the USDtb stablecoin, and developing a new institutional-grade settlement layer called Converge. As a U.S.-regulated, fiat-backed asset, USDtb represents a key part of the strategy. In addition to these initiatives, Yzi Labs announced an increase in its ENA token positions. Ethena Labs originally developed the USDe token on Ethereum but will now expand it to the BNB Chain to boost accessibility and scalability. In parallel, Ethena Labs plans to introduce USDtb, which is fully compliant with the Genius Act governing financial instruments in U.S. markets. To facilitate the launch, the company partnered with Anchorage Digital, the first federally chartered crypto bank in the United States. This partnership aims to secure a foothold in the regulated stablecoin sector and drive institutional adoption. The Converge project marks another major milestone in the partnership, as Ethena Labs will jointly develop it with powerhouse firms BlackRock and Securitize. The project seeks to establish a cutting-edge institutional settlement platform on the BNB Chain, enabling tokenization and efficient transaction management for large-scale financial entities. On September 19, 2025, Guy Young, co-founder of Ethena Labs, commented on the partnership, stating, “We're thrilled to deepen our partnership with Yzi Labs, a long-standing and strategic backer. The holy grail of digital dollar distribution has always been embedding stable, yield-bearing assets directly into the core of the crypto economy.” Following the announcement, the protocol’s Total Value Locked (TVL) reached $14.14 billion, while its native ENA token traded at $0.67. Of the 14 billion USDe tokens in supply, 6.09 billion are currently staked. Furthermore, Ethena generated over $13.34 million in fees in the last 24 hours alone, underscoring strong market demand and the project’s robust growth trajectory. As of 18:08 UTC on September 19, market data showed Ethena USDe (USDe) trading at $1.001, reflecting a 0.4% gain in 24-hour trading volume. In contrast, the ENA token traded at $0.672, seeing a 4.358% drop in 24-hour volume.