Ethena Labs expands synthetic dollar USDe to Solana, plans SOL backing
Summary
Ethena Labs has integrated its stablecoin USDe with the Solana blockchain, aiming to offer rewards for users and propose SOL and jitoSOL as collateral assets. USDe holders on Solana can earn Ethena sats by staking USDe on DeFi protocols. The move is expected to boost USDe's adoption among retail crypto users. USDe experienced its largest redemption of nearly $100 million on Aug. 5, but managed to maintain its peg within approximately 30 basis points. USDe does not rely on direct fiat or tangible asset backing, instead using derivative hedging with collateral positions in ETH and Bitcoin.
