On Wednesday, Ethena Labs, the staff answerable for the yield-bearing stablecoin venture USDE, revealed its enlargement to the Solana blockchain. This transfer brings USDE to the distributed ledger, with SOL now additionally getting used as a part of the stablecoin’s reserve backing.
USDE Stablecoin Undertaking Extends to Solana, Contains SOL Backing
Regardless of witnessing redemptions totaling round $300 million in underneath two weeks, Ethena Labs proceeded with the Solana integration. “August seventh marks Ethena’s Solana integration,” Ethena Labs mentioned on X. “USDE deployed on Solana due to Layerzero Labs OFT [and] SOL onboarded as a backing asset for USDE, topic to governance.”
Ethena can also be launching a “Solana Sats Marketing campaign.” “SOL as a backing asset for USDE shall be proposed to governance for implementation subsequent week and opens up an additional $2-3bn of open curiosity throughout main exchanges, enhancing USDE’s scalability even additional,” Ethena said. The staff additionally famous that pending a governance vote, Ethena plans to regularly improve its involvement with SOL.
“SOL perps started buying and selling later and have much less historic information on funding charges,” Ethena concluded. “However YTD in 2024 SOL funding has outpaced each BTC and ETH, even after the latter two belongings had ETFs launched. Topic to governance, Ethena will scale slowly into SOL as funding is monitored.”
