Ethena’s USDe grabs 43% of Robinhood Chain stablecoins as capital parks

Ethena’s USDe has quickly become a major source of dollar liquidity on Robinhood Chain, growing from about $17 million a month ago to roughly $253 million, or close to 43% of the chain’s stablecoin supply, according to The Block.

The jump is notable because USDe is more than a digital dollar. It is a synthetic dollar designed to maintain its value through crypto assets and offsetting derivatives positions. Its rapid growth on Robinhood Chain suggests some of the capital arriving on the network may be looking for more than a place to trade.

The trend is also indicative of a larger movement in the way that cryptocurrency investors have begun utilizing stable coins, using them not only as a medium of exchange between tokens but, instead, employing them as working capital for DeFi, collateral, and yield strategies.

A dollar base tilting toward yield

The Robinhood Chain is a Layer-2 network that is built on the Ethereum technology, allowing fast transaction times while also remaining permissionless. Robinhood developed the infrastructure for the use of tokenized stocks, various real-world assets, and other onchain financial applications, with ETH as the gas token.

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