Ethena’s Stablecoin Game Just Got Serious: Here’s Why

Ethena Labs is taking bold steps to reshape the stablecoin market. The firm’s USDe (USDE) stablecoin has been integrated across Binance, the world’s largest crypto exchange, giving users access to trading, yield-bearing collateral, and rewards. At the same time, Ethena has submitted a high-profile proposal to issue Hyperliquid’s USDH, backed by BlackRock-linked USDtb and promising to return 95% of revenue to the community—signaling an ambitious bid to establish a major presence in the stablecoin ecosystem. USDe is a synthetic, non-fiat-backed dollar asset created by Ethena Labs. Unlike traditional stablecoins such as USDT or USDC, it maintains its peg to

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