Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Ethena Expands Access to USDe with Solana Integration, Adds SOL as Backing Asset
ADOPTION NEWS

Ethena Expands Access to USDe with Solana Integration, Adds SOL as Backing Asset

By Crypto FlexsAugust 7, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Ethena Expands Access to USDe with Solana Integration, Adds SOL as Backing Asset
Share
Facebook Twitter LinkedIn Pinterest Email
Stablecoin • August 7, 2024 10:00 AM EDT

Updated: August 7, 2024 10:15 AM EDT

Athena This one

-6.15%
Labs announced that users can now buy and sell USDe stablecoins thanks to the new integration. Solana brush

+3.07%
.

The company said,According to the statement, “We are confident that this integration (with Solana) will significantly increase the adoption of USDe and sUSDe, and provide an entirely new marketplace for traders to offer reward-earning assets in sUSDe. This is a significant improvement over the existing stablecoin experience.”

Ethena also added SOL as a supported asset. In April, Ethena Labs added Bitcoin as a backing asset for its “synthetic dollar,” which currently has a market cap of over $3 billion. Block Price Page.

“This not only strengthens the backing strength and security of USDe, but also unlocks an additional $2-3 billion in open interest in the SOL futures market, allowing USDe to continue its expansion,” Ethena said in a statement, adding that since adding Bitcoin as a backing asset, USDe’s circulating supply has increased by over $1 billion.

Unlike other stablecoins such as market-leading USDT and USDC, Ethena’s USDe token is It uses a mechanism that does not rely on direct fiat currency or tangible asset support. Instead, Ethena uses a derivative hedging strategy using collateral positions containing Ether and Bitcoin and an arbitrage system for minting and redeeming to maintain the US dollar peg.

USDe experienced nearly $100 million. In custody It is likely a result of the overall market sell-off that saw Bitcoin drop below $50,000 a few days ago.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

RT Watson is a senior reporter at The Block, covering a wide range of topics including corporate America, blockchain gaming, and NFTs. Previously, he covered entertainment at The Wall Street Journal, writing about Disney, Netflix, Warner Bros., and the creator economy, with a focus on technological disruption across media. Prior to that, he covered corporate, economic, and political news in Brazil at Bloomberg. RT has interviewed a wide range of people, including CEOs, media moguls, major influencers, politicians, blue-collar workers, drug dealers, and convicted criminals. He holds a Master’s degree in Digital Sociology.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

TRX Was Early, ETH Set The Standard, BNB Built The Scale- Now SYC Brings The Next Evolution

September 4, 2025

Sign Up And Receive $500 Bonus, Ushering In A New Era Of Compliant And Secure Crypto Investment

September 4, 2025

Why experts say that 99%of the traders are wrong

September 4, 2025

ChainUp Named Double Finalist At Thomson Reuters’ ALB Pan-Asian Regulatory Awards 2025

September 4, 2025

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025
Most Popular

ETH ETF: Top analyst says Ethereum (ETH) ETF has a 35% chance of approval.

March 28, 2024

Telegram refutes CertiK’s claims of automatic download security risks.

April 10, 2024

Soft lens is reduced by 28% a week as SOLANA (SOL) prices

February 11, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.