Ethena’s USDe Bitcoin collateral exceeds $500 million in a week
Summary
Ethena's USDe synthetic dollar has over $500 million in Bitcoin collateral, representing 26% of its total reserves. The platform also holds significant amounts of Ethereum and Tether's USDT. The adoption of USDe is growing, with a market capitalization of $2.14 billion and high trading volume. Major DeFi projects like MakerDAO and Frax Finance are contributing to this growth. Frax Finance approved a $250 million liquidity pool for USDe, and MakerDAO allocated an additional $100 million in DAI tokens to its USDe/DAI and sUSDe/DAI markets on Morpho Blue.
