Ethena’s USDe Tops $320M in Eight Weeks, Captures 42% of Robinhood Chain Stablecoin Supply

Ethena’s USDe supply on Robinhood Chain surpassed $320 million within eight weeks of launch, accounting for 42% of the network’s stablecoin supply, according to Token Terminal data cited by Wu Blockchain.

The growth has made USDe the largest external dollar asset on Robinhood Chain. Only the network’s own USDG has a larger presence.

Analyst Mesh attributed USDe’s expansion partly to Steakhouse Financial naming Ethena as the primary collateral issuer for the launch of Robinhood Earn, as well as to the underlying infrastructure design.

Liquidity deployment through the Steakhouse USDG Vault has also concentrated activity around USDe. Mesh said 62% to 65% of the vault’s allocated liquidity was routed to the USDe/USDG market on Morpho, where borrowers supplied USDe because it offered the vault’s deepest collateral slot.

Source: Wu Blockchain