Publicly available exchange data and Ethena Labs' official announcements

Ethena Expands USDe to Solana, Sees $96M Redemptions Amid Market Volatility

Aug 7, 2024, 02:00 PM

Ethena Labs has announced the expansion of its USDe stablecoin to the Solana blockchain, integrating SOL as a new backing asset alongside ETH and BTC. This move allows users on Solana to transact and stake USDe, enhancing the stablecoin's accessibility and utility. The integration is part of Ethena's broader strategy to expand its omnichain presence, leveraging LayerZero technology to connect assets across 16 chains. This development comes amid significant market volatility, with Ethena's USDe experiencing nearly $96 million in redemptions this week. Bybit has become the third largest holder of USDe, following $160 million inflows since enabling USDe as margin. Despite the sell-offs, USDe successfully maintained its peg to the U.S. dollar, demonstrating resilience in a challenging market environment.