Ethena’s USDe Surpasses $320 Million on Robinhood Chain Within 8 Weeks of Launch, Accounting for 42% of the Chain’s Stablecoin Supply According to Token Terminal data, Ethena’s USDe surpassed $320 million on Robinhood Chain within eight weeks of launch and currently accounts for…
% of the chain’s stablecoin supply, making it the largest external dollar asset on the network, second only to Robinhood Chain’s own USDG. Analyst Mesh said the growth was driven by the way the infrastructure was designed, Steakhouse Financial’s choice of Ethena as the primary collateral issuer for the launch of Robinhood Earn, and the fact that 62%–65% of the liquidity allocated by the Steakhouse USDG Vault flowed into the USDe/USDG Morpho market; borrowers deposited USDe into this market because it is the deepest collateral slot in the vault. — link